help answering a-e

Jackson Company is preparing its financial statement for the year-end. A summary of Jackson's accounts receivable sub-ledger shows the following information. Click the icon to view the data.) Required Requirement a. Determine the amount of bad debts expense required for the year. Determine the bad debts expense (BDE) by showing the activity in the allowance for doubtful accounts T-account during the year. Allowance for Doubtful Accounts Beg bal Beg bal End bal End bal Requirement b. Show the journal entry to record bad debts expense for the year. (Record debits first, and then credits. Explanations are not required.) Date Accounts Debit Credit b. Requirement c. Show the journal entry that was used to record write-offs for the year. (Record debits first, and then credits. Explanations are not required.) Dato Accounts Debit Credit C Requirement d. Independent of the information above, suppose Jackson factored $500,000 of receivables without recourse. In exchange, it received $360,000. Show the journal entry to record this transfer of receivables. (Record debits first, and then credits. Explanations are not required.) Accounts Debit Credit Date d. Requirement e. In requirement d, suppose Jackson instead factored the $500,000 of receivables with recourse and received $390,000 cash. Both Jackson and the factor anticipate that 1% of these receivables will prove to be uncollectible, so the factor has held this amount to cover any uncollectible accounts. Should the amount of uncollectibles prove to be more or less than 1%, the difference will be paid by/refunded to Jackson Show the journal entry to record this transfer of receivables. (Record debits first, and then credits. Explanations are not required.) Date Accounts Debit Credit e. Data Days outstanding from invoice date 0-30 days 31-90 days > 90 days Total $ 5,800,000 $ 2,600,000 $ 500,000 $ 8,900,000 1% 2% 10% Balance outstanding, Dec. 31 Estimated default rate Accounts written off during the year Collections on accounts written off Allowance for uncollectibles, Jan. 1 65,000 4,000 $ 190,000 1 I Required Requirements a. Determine the amount of bad debts expense required for the year. b. Show the journal entry to record bad debts expense for the year. c. Show the journal entry that was used to record write-offs for the year. d. Independent of the information above, suppose Jackson factored $500,000 of receivables without recourse. In exchange, it received $360,000. Show the journal entry to record this transfer of receivables. e. In requirement d, suppose Jackson instead factored the $500,000 of receivables with recourse and received $390,000 cash. Both Jackson and the factor anticipate that 1% of these receivables will prove to be uncollectible, so the factor has held this amount to cover any uncollectible accounts. Should the amount of uncollectibles prove to be more or less than 1%, the difference will be paid by/refunded to Jackson. Show the journal entry to record this transfer of receivables