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Instructions a. Prepare the following general journal entries. 1. One entry to summarize all accounts written off against Allowance for Doubtful Accounts during year 2 2. Entries to record the $18,000 in accounts recelvable that were subsequently collected b. What are cash equivalents? Provide two examples. Why are these items oflen combined with cash for the purpose of balance sheet presentation?, Sea Travel sells motorboats, One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 12 Wings at the foliowing cost5. On Apri 28, Sea Travel sold five Wings to the Jack Sport racing team. The remaining seven boats remained in inventory at June 30 , the end of Sea Travel's fiscal year. Assume that Sea Travel uses a perpetual inventory system. (See the data provided.) mstructions a. Compute (a) the cost of goods sold relating to the sale on Aprit 28 and (b) the ending inventory of Wing boats at June 30 , using the following cost flow assumptions. 1. Average cost (round cost to nearest whole dollar). 2. FIFO. (3 points) 3. LIFO. Show the number of units and the unit costs of each layer comprising the cost of goods sold and ending inventory. b. Using the cost figures computed in part a, answer the following questions: 1. Which of the three cost flow assumptions will rasult in Sea Travel reporting the lowest net income for the zurrent year? Would this always be the case? Explain Instructions a. Prepare the following general journal entries. 1. One entry to summarize all accounts written off against Allowance for Doubtful Accounts during year 2 2. Entries to record the $18,000 in accounts recelvable that were subsequently collected b. What are cash equivalents? Provide two examples. Why are these items oflen combined with cash for the purpose of balance sheet presentation?, Sea Travel sells motorboats, One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 12 Wings at the foliowing cost5. On Apri 28, Sea Travel sold five Wings to the Jack Sport racing team. The remaining seven boats remained in inventory at June 30 , the end of Sea Travel's fiscal year. Assume that Sea Travel uses a perpetual inventory system. (See the data provided.) mstructions a. Compute (a) the cost of goods sold relating to the sale on Aprit 28 and (b) the ending inventory of Wing boats at June 30 , using the following cost flow assumptions. 1. Average cost (round cost to nearest whole dollar). 2. FIFO. (3 points) 3. LIFO. Show the number of units and the unit costs of each layer comprising the cost of goods sold and ending inventory. b. Using the cost figures computed in part a, answer the following questions: 1. Which of the three cost flow assumptions will rasult in Sea Travel reporting the lowest net income for the zurrent year? Would this always be the case? Explain