The Speedy Computer Repair Shop has provided you with the following information about their outstanding accounts receivable at March 31, 2010, the company's year end: Number of days outstanding Customer Total 0-30 31 - 60 61 - 90 Over 90 Bob Smith $ 10,000 $ 5,240 $ 3,250 $ 1,510 John Scott 35,500 24,500 6,250 $ 4,750 Bill "Tag" Jones 23,630 5,200 18,430 Betty's Consignments 500 500 Jesse's Bikes 31,326 8,630 $ 10,500 4,790 7,406 Totals: $ 100,956 $ 38,870 $20,000 $14,740 $ 27,346 Past experience has shown that the following percentages of overdue accounts are uncollectible: 0 - 30 days 1% 31 - 60 days 5% 61 - 90 days 20% Over 90 days 50% (a) Calculate the appropriate amount for Allowance for Doubtful Accounts for March 31, 2010 (show calculations) (2 marks) (b) Prepare the journal entry to record the allowance, assuming that the Allowance for Doubtful Accounts already had a debit balance of $1,555. (2 marks) (c) On September 15, 2010, Speedy Computer Repair Shop has decided to write off $18,430 owing from Bill Tag" Jones. Prepare the journal entry to write off this amount. (2 marks) 7 (d) On November 1, the receivable amount from John Scott is being converted from an Account Receivable into a 7%, 3 month note receivable. Assuming John pays the note in full on the due date, record the journal entry for this payment. (4 marks)