Question 1:

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:

July 9. Received $1,500 from Silas Thompson and wrote off the remainder owed of $3,600 as uncollectible.

Oct. 11. Reinstated the account of Silas Thompson and received $3,600 cash in full payment.

Question 2:

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:

July 9. Received $1,500 from Silas Thompson and wrote off the remainder owed of $3,600 as uncollectible.

Oct. 11 Reinstated the account of Silas Thompson and received $3,600 cash in full payment.

Question 3:

At the end of the current year, Accounts Receivable has a balance of $700,000; Allowance for Doubtful Accounts has a credit balance of $6,500; and sales for the year total $3,250,000. Bad debt expense is estimated at of 1% of sales (0.50 X 1% = 0.005).

Determine:

1. the amount of the adjusting entry for uncollectible accounts;
2. the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and
3. the net realizable value of accounts receivable.

Question 4:

At the end of the current year, Accounts Receivable has a balance of $800,000; Allowance for Doubtful Accounts has a credit balance of $7,500; and sales for the year total $3,500,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated at $30,000.

Determine:

1. the amount of the adjusting entry for uncollectible accounts;
2. the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and
3. the net realizable value of accounts receivable.

Please answer all questions separately and completely.

Thank you!!