The following was taken from the records of Smith Company in the year ending December 31, 20X7. Journalize the following transactions in an Excel spreadsheet for year-end 20X7 using the aging method. Assume that the allowance for doubtful accounts has a beginning credit balance of $8,000 on January 1, 20X7. The assignment template is attached below. Label the transactions below as journal entries #1 to #4, along with the dates of the entries: February 20, 20x7: Wrote off Jones account: $250. May 20, 20x7: Received $410 as partial payment on the $700 account receivable due from Garcia. August 10, 20x7: Received $725 from Jones on the account written off on February 20, 20x7. September 15: Wrote off the individual account receivables for the following customers as payment not expected in future: Tang: $400; Mulaka: $210; Quan: $375. December 31, 20x7: Smith Company prepared the following aging schedule for it accounts receivables: $120,000 of Accounts Receivable (A/R) are 0-30 days late: 3% probability of being uncollectible. $30,000 of A/R are 31-60 days late: 10% probability of being uncollectible. $14,000 of A/R are 61-90 days late: 20% probability of being uncollectible $1,000 of A/R are later than 90 days late: 50% probability of being uncollectible Instructions: Using the Excel spreadsheet template provided for this assignment, submit the following items: The four journal entries (1 to 4 above) with a one-sentence description for each The T-account for the allowance for doubtful accounts The journal entry to record bad debt expense The balance sheet presentation of net realizable value, including gross accounts receivables of $29,500 Company Company- December 31, 201X
Journal#	Date	Account Title			Debit	Credit
a	20-Feb	Allowance for doutful accounts
		Jones- Accounts receivable
b
	20-May	Cash
		Garcia-Accounts Receivables
c	10-Aug	Cash
		Allowance for doubtful accounts
d	15-Sep	Allowance for doubtful accounts
		Tang-Accounts Receivable
		Mukala-Accounts Receivable
		Quan-Accounts Receivable
Question 2
			Dates	T-Account for Allowance for doubtful accounts
				Debit	Credit
			Begining balance
			20-Feb
			15-Sep
			Bad Debt Expense=
			Ending Balance
Calculations: Aging schedule
	Days Late	Accounts Receivable Amount	Uncollection Probability	Uncollectible Amount
Question 3
	Date	Account Title			Debit	Credit
	31-Dec	Bad Debt Expense
		Allowance for doubtful accounts
Question 4
Balance Sheet Presentaion
	Gross Accounts Receivables
	Ending Balance of Allowance for Doubtbul Accounts
		Net Realizable Balance