For items (a)(j), analyze the amount and direction (+ or ?) of effects on specific financial statement accounts and the overall accounting equation. (Enter any decreases to account balances with a minus sign.)

Prepare the journal entries for items (a)(j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet.

Sales Revenue and Service Revenue are two income statement accounts that are related to Accounts Receivable. Identify below the two other accounts from this problem that are related to Accounts Receivable or Notes Receivable and that would be reported on the income statement. Also indicate whether each would appear before or after the Income from Operations line on a multi-step income statement.

Elite Events Corporation has provided event planning services for several years. The company uses the percentage of credit 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 partial list of transactions during the first quarter of the current fiscal year. a. During January, the company provided services for $270,000 on credit. b. On January 31, the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $220,000 of accounts receivable. d. On February 15, the company wrote off a $2,700 account receivable. e. During February, the company provided services for $220,000 on credit. f. On February 28, the company estimated bad debts using 2 percent of credit sales. g. On March 1, the company loaned $18,000 to an employee who signed a 4% note, due in 9 months. h. On March 15, the company collected $2,700 on the account written off one month earlier. i. On March 31, the company accrued interest earned on the note j. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis. As of March 31, the unadjusted credit balance in the Allowance for Doubtful Accounts was $8,700. Number of Days Unpaid Total 0-30 $ 2,200 1,1001100 Customer 31-60 61-90 Over 90 Aerosmith Biggie Small Others (not shown to save space 97,800 38,700 41,700 8,700 8,700 ZZ Top 2,200 1,100 $ 1,100 6,700 6,700 Total Accounts Receivable Estimated uncollectible (%) $108,900 $46,500 $42,800 $ 9,800 $ 9,800 30% 4% 15% 25%