Use the following information for the Exercises 10-11 below. (Algo) [The following information applies to the questions displayed below) At year-end December 31, Chan Company estimates its bad debts as 0.90% of its annual credit sales of $714,000 Chan records its bad debts expense for that estimate on the following February 1, Chan decides that the $357 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off Exercise 7-10 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's Journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet Required Information Use the following information for the Exercises 14-15 below. (Algo) The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Toto $50,000 Days Past O 31 to 60 $ 38,000 7 Accounts receivable Percent uncollectible 1 to 30 5 92.000 4X $ 398,00 13 61 to $ 20,000 9x Over 90 $ 32,000 123 Exercise 7-15 (Algo) Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method b. Prepare the adjusting entry to record bad debts expense using the estimate from panta. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,200 credit c. Prepare the adjusting entry to record bad debts expense using the estimate from part a Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,200 debit. Complete this question by entering your answers in the tabs below. Red Re Band Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles Red Band C > Daley Company prepared the following aging of receivables analysis at December 31 Total 50 Days Past Due 1 to $38. $39.00 1 to $ 92, Accounts receivable Percent uncollectible 61 to 5. 20,000 95 Over 90 $32,000 12% Exercise 7-15 (Algo) Percent of recelvables method LO P3 o. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12.200 credit c. Prepare the adjusting entry to record bad debts expense using the estimate from part 2 Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1.200 debit Complete this question by entering your answers in the tabs below. Reg A Reg B and C b. Prepare the adjusting entry to record bad debts expense using the estimate from parts, Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part 2. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1.200 debit Show less View transaction list Journal entry worksheet int Record the year-end adjustment related to this note, if any. rences Note Enter Beit before credit General Journal Debit Credit Date December 31 Record entry Clear entry View general journal QS 7-15 (Algo) Note recelvable interest and maturity LO P4 On December 1, Daw Company accepts a $18.000.45-day, 10% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) OOK View transaction list int Journal entry worksheet