Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debits. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $43,000 on credit b. On January 21, the company estimated bad debts uing 2 percent of credit sales. con February 4, the company collected $21.500 of accounts receivable. d. On February 15, the company wrote off $100 account receivable. e. During February, the company provided services for $33,000 on credit. On February 28, the company estimated bad debts using 2 percent of credit sales, g. On March 1, the company loaned $3,000 to an employee, who signed a 6% note, due in 6 months h On March 15, the company collected $100 on the account written off one month earlier On March 31, the company accrued interest eared on the note. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions as well as others not listed). Prior to the adjustment. Allowance for Doubtful Accounts has an unadjusted credit balance of $1,230 Accounts has an unadjusted credit balance of $1,230 31 to to 30 $ 100 61 to 10 $20 50 100 Bota $ 200 430 17.600 400 $18.630 8,700 Alabama Tourism Bayside Bungalov Other (not show to save space) eiting eurons Total Recounts Receivable tiated collectibles 1.000 7.100 100 $ 7.600 5 1.020 1,230 $ 5.750 15 301 Journal entry worksheet Record service revenue of $43,000 sold on account during January. Note: Enter debits before credits Transaction General Journal Debit Credit a Record entry Clear entry View general Journal Journal entry worksheet Record the collection of $21,500 of outstanding accounts receivables on February 4. Note: Enter debits before credits. Transaction General Journal Dobit Credit C. Record entry Clear entry View general journal Journal entry worksheet Record the write-off of a $100 account receivable on February 15. Note: Enter debits before credits Transaction General Journal Dobit Credit d. Record entry Clear entry View general Journal Journal entry worksheet Record the receipt of a note on March 1 for a $3,000 loan to an employee. Note: Enter debits before credits. Transaction General Journal Dobit Credit g Record entry Clear entry View general Journal Journal entry worksheet Record the reversal of a $100 account receivable previously written off one month earlier. Note: Enter debits before credits General Journal Dobit Credit Transaction h(1) Record entry Clear entry View general Journal Journal entry worksheet Record the receipt of cash of $100 from the customer Note: Enter debits before credits. General Journal Transaction h(2) Debit Credit Record entry Clear entry View general Journal Journal entry worksheet
