Please help solve these questions below. Please show the work for all answers. Also please see there are several parts to each question that need to be answered as well as work shown for each part. Thank you!

Exercise 1 The following information is extracted from Winston Corporations accounting records at the beginning of 2021.

Accounts Receivable $63,000

Allowance for Doubtful Accounts 1,400 (credit)

During 2021, sales on credit amounted to $575,000, collections on outstanding receivables were $557,400 and $2,600 of receivables were written off as uncollectible. On December 31, 2021, Winston estimates its bad debts to be 4% of the outstanding accounts receivable. Instructions:

a. Determine the balance in Accounts Receivable at December 31, 2021.

b. Prepare the adjusting entry to record Winstons bad debt expense for 2021.

c. Prepare the accounts receivable section of Winstons balance sheet at December 31, 2021

d. Compute Winstons accounts receivable turnover and average days collection of receivables.

Exercise 2 On December 31, 2020, Mare Company performed engineering consulting services for Palmquist, Inc. Palmquist was short of cash, and Mare Co. agreed to accept a $230,000 zero-interest-bearing note due December 31, 2021, as payment in full. Palmquist is somewhat of a credit risk and typically borrows funds at a rate of 8%. Mare is much more creditworthy and has various lines of credit at 5%. Instructions: Prepare the following journal entries for Mare Co. You must show supporting computations to receive full credit.

a. Prepare the journal entry to record the transaction of December 31, 2020.

b. Prepare the adjusting journal entry for December 31, 2021.

c. Prepare the adjusting journal entry and the collection of the note for December 31, 2022.

Exercise 3 Brigham Corporation is experiencing a temporary cash shortage and decides to transfer a group of its accounts receivable to ADJ Finance Company. Brigham does not normally transfer its receivables. ADJ Finance accepts $100,000 of Brighams accounts receivable, remits 90% of the accounts receivable transferred, and charges a 15% commission on the gross amount of the transferred receivables. Title to the receivables is transferred to ADJ Finance, and ADJ Finance has the right to assign, pledge, or sell the receivables. Instructions:

a. Prepare the journal entries necessary by Brigham to record the preceding information assuming the transfer was without recourse.

b. Prepare all the journal entries necessary by Brigham to record the preceding information assuming the transfer was with recourse and the recourse obligation had an estimated fair value of $5,500.