Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of 2012, accounts receivable were presented in the company's statement of financial position as follows:

Accounts receivable from clients		$	3,100,000
Less: Allowance for Impairment			80,000

During 2013, $185,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $14,000 were subsequently collected. At the end of 2013, an aging of accounts receivable indicated a need for a $251,000 allowance to cover possible failure to collect the accounts currently outstanding.
Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end.

	1.	One entry to summarize all accounts written off against the Allowance for Impairment during 2013.
	2.	Entries to record the $14,000 in accounts receivable that were subsequently collected.
	3.	The adjusting entry required at December 31, 2013, to increase the Allowance for Impairment to $251,000.

a.	Prepare the above general journal entries: (Omit the "$" sign in your response.)

Date	General Journal	Debit	Credit
2013
Var.*	(Click to select)Office equipmentAccounts receivableNotes receivableCashAccounts payableUncollectible accounts expenseInterest receivableAllowance for Impairment
	(Click to select)Accounts receivableAccounts payableNotes receivableUncollectible accounts expenseAllowance for ImpairmentOffice equipmentInterest receivableCash
Var.*	(Click to select)Accounts payableInterest revenueUncollectible accounts expenseAllowance for ImpairmentNotes receivableCashAccounts receivableOffice equipment
	(Click to select)Notes receivableOffice equipmentCashUncollectible accounts expenseInterest revenueBank service chargeAccounts receivableAllowance for Impairment
Var.*	(Click to select)Office equipmentUncollectible accounts expenseAccounts receivableAllowance for ImpairmentInterest revenueInterest receivableNotes receivableCash
	(Click to select)Uncollectible accounts expenseNotes receivableCashAllowance for ImpairmentInterest revenueAccounts receivableInterest receivableOffice equipment
Dec 31	(Click to select)Notes receivableAllowance for ImpairmentAccounts receivableCashUncollectible accounts expenseAccounts payableInterest receivableBank service charge
	(Click to select)Interest receivableAllowance for ImpairmentCashAccounts payableInterest revenueUncollectible accounts expenseAccounts receivableNotes receivable

Pachel Corporation reports the following information pertaining to its accounts receivable:

	Days Past Due
Current	130	3160	6190	Over 90
$ 60,000	$ 40,000	$ 25,000	$ 12,000	$ 2,000

The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above:

Current receivables outstanding	2	%
Receivables 130 days past due	4
Receivables 3160 days past due	16
Receivables 6190 days past due	40
Receivables over 90 days past due	90

The company uses a statement of financial position approach to estimate credit losses.

a.	Record the company's impairment loss of receivable, assuming it has a $1,400 credit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "$" sign in your response.)

General Journal	Debit	Credit
(Click to select)Accounts receivableCashImpairment loss of receivableGain on sale of investmentsMarketable securitiesAllowance for ImpairmentAccounts payableLoss on sale of investments
(Click to select)Marketable securitiesAllowance for ImpairmentAccounts receivableAccounts payableImpairment loss of receivableCashGain on sale of investmentsLoss on sale of investments

b.	Record the company's impairment loss of receivable, assuming it has a $1,600 debit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "$" sign in your response.)

General Journal	Debit	Credit
(Click to select)Accounts payableLoss on sale of investmentsAllowance for ImpairmentAccounts receivableMarketable securitiesImpairment loss of receivableGain on sale of investmentsCash
(Click to select)Loss on sale of investmentsGain on sale of investmentsAllowance for ImpairmentCashAccounts payableImpairment loss of receivableMarketable securitiesAccounts receivable

5. value: 13.00 points Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of 2012, accounts receivable were presented in the company's statement of financial position as follows: Accounts receivable from clients Less: Allowance for Impairment $3,100,000 80,000 During 2013, $185,000 of specific accounts receivable were written off as uncollectible. Of these accounts written off, receivables totaling $14,000 were subsequently collected. At the end of 2013, an aging of accounts receivable indicated a need for a $251,000 allowance to cover possible failure to collect the accounts currently outstanding. Wilcox Mills makes adjusting entries for uncollectible accounts only at year-end. 1. One entry to summarize all accounts written off against the Allowance for Impairment during 2013 2.Entries to record the $14,000 in accounts receivable that were subsequently collected. 3.The adjusting entry required at December 31, 2013, to increase the Allowance for Impairment to $251,000. a. Prepare the above general journal entries: (Omit the "$" sign in your response.) General Journal Debit Credit Date 2013 Var.* (Click to select) (Click to select) II Var. (Click to select) (Click to select) I Var. * (Click to select) (Click to select) DO DO II Dec 31 (Click to select) (Click to select) 6. value: 13.00 points Pachel Corporation reports the following information pertaining to its accounts receivable: Current $ 60,000 1-30 $ 40,000 Days Past Due 31-60 61-90 $ 25,000 $ 12,000 Over 90 $ 2,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding 2% Receivables 130 days past due 4 Receivables 3160 days past due 16 Receivables 6190 days past due 40 Receivables over 90 days past 90 due The company uses a statement of financial position approach to estimate credit losses. a. Record the company's impairment loss of receivable, assuming it has a $1,400 credit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "$" sign in your response.) General Journal Debit Credit (Click to select) (Click to select) b. Record the company's impairment loss of receivable, assuming it has a $1,600 debit balance in its Allowance for Impairment prior to making the necessary adjustment. (Omit the "$" sign in your response.) General Journal Debit Credit (Click to select) (Click to select)