Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 Required: $251,000 46,000 1,100 (debit) 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 12% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method. r5 Homework i Saved Problem 5-2A (Algo) Record transactions related to credit sales and contra revenues (LO5-1, 5-2) Adventure Fishing provides guided fishing tours. The company charges $140 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May. May 2 May 7 May 9 Charlene books a fishing tour with Adventure Fishing for herself and four friends at the group discount price ($560 $112 x5). The tour is scheduled for May 7. The fishing tour occurs. Adventure Fishing asks that payment be made within 30 days of the tour and offers a 6% discount for payment within 15 days. Charlene is upset that no one caught a single fish and asks management for a discount. Adventure Fishing has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Adventure Fishing discovers that Charlene's tour was led by a new guide who did not take the group to some of the better fishing spots. In concession, management offers a sales allowance of 30% of the amount due. May 20 Adventure Fishing receives the amount owed by Charlene. Required: 1. Record the necessary transaction(s) for Adventure Fishing on each date. 2. Show how Adventure Fishing would present net revenues in its income statement. Complete this question by entering your answers in the tabs below.