Do you mind just doing the second question. Problem 7

A201 HMWK Chapter 5 Spiceland Problem 6 Suzuki Supply reports the following amounts at the end of 20xl (before adjusting entries). Credit sales for 20X1 A/R, 12/31/X1 Allow for Bad Debt 12/31/X1 $ 250,000 45,000 1,000 Credit Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method. Suzuki estimates 10% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage of credit sales method. Suzuki estimates 2% of credit sales will not be collected 3. Calculate the effect on net income (before taxes) and total assets in 20x1 for each method. A201 HMWK Chapter 5 Spiceland Name 6 Page Problem z The following events occur for The Underwood Corporation during 20x 1 and 20x2, its first two years of operations June 12, 20x1 Provide services to customers on account for $35,000 September 17, 20x1 Receive $20,000 from customers on account. December 31, 20x1 Estimate that 40% of accounts receivable at the end of the year will not be received March 4, 20x2 Provide services to customers on account for $50,000 May 20, 20X2 Receive $10,000 from customers for services provided in 20x1. July 2, 2012 Write of the remaining amounts owed from services provided in 2001. October 19,20x2 Receive 540,000 from customers for services provided in 20x2. December 31, 20x2 Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date 2. Post transactions to the following accounts: Cash, accounts receivable, and allowance for uncollectible accounts. 3. Calculate the net realizable value of accounts receivable at the end of 20x7 and 20x2. A201 HMWK Chapter 5 Spiceland Name 6 Page Problem z The following events occur for The Underwood Corporation during 20x 1 and 20x2, its first two years of operations June 12, 20x1 Provide services to customers on account for $35,000 September 17, 20x1 Receive $20,000 from customers on account. December 31, 20x1 Estimate that 40% of accounts receivable at the end of the year will not be received March 4, 20x2 Provide services to customers on account for $50,000 May 20, 20X2 Receive $10,000 from customers for services provided in 20x1. July 2, 2012 Write of the remaining amounts owed from services provided in 2001. October 19,20x2 Receive 540,000 from customers for services provided in 20x2. December 31, 20x2 Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date 2. Post transactions to the following accounts: Cash, accounts receivable, and allowance for uncollectible accounts. 3. Calculate the net realizable value of accounts receivable at the end of 20x7 and 20x2