Time Remaining A 1. During January, MMS provided services for $6,600 on account. 2. On January 31, MMS estimated bad debt using 1% of sales. 3. During February, MMS provided services for $5,300 on account. 4. On February 5, MMS wrote off a customer balance of $880 that was deemed uncollectible. 5. On February 29, MMS estimated bad debts using 1% of sales. 6. On March 1, MMS loaned $3,qoo to an employee who signed an 8% note, due in four months. 7. On March 31, MMS adjusted for uncollectible accounts, based on the aging analysis presented below, which includes the preceding transactions (and others not listed). Prior to the adjustment, the Allowance for Doubtful Accounts had an unadjusted credit balance of $1500. 8. On March 31, MMS accrued interest earned on the note. Total 0-30 Days 31-60 Days Accounts Receivable Amount 61-90 Days Over 90 Days $9,300 $4,400 $2,900 $1,500 Estimated Uncollectible (%) $500 5% 15% 25% 65% Required: Prepare journal entries for each of items 1 to 8. Record your answers in the space provided below. Mischke Massage Service & Spa (MMS) provides therapeutic massage and related services. The company uses the percentage of sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following transactions during the first quarter of 2020: 1. During January, MMS provide services for $6,600 on account. 2. On January 31, MMS estimated bad debt using 1% of sales. 3. During February, MMS provided services for $5,300 on account. 4. On February 5, MMS wrote off a customer balance of $880 that was deemed uncollectible. 5. On February 29, MMS estimated bad debts using 1% of sales. 6. On March 1, MMS loaned $3,000 to an employee who signed an 8% note, due in four months. 7. On March 31, MMS adjusted for uncollectible accounts, based on the aging analysis presented below, which includes the preceding transactions and others not listed). Prior to the adjustment, the Allowance for Doubtful Accounts had an unadjusted credit balance of $1500. 8. On March 31, MMS accrued interest earned on the note. Total 0-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable Amount $9,300 $4,400 $2,900 $1,500 $500 . 1 11