Submit your file to Dropbox by numbered question. Due Sunday, $1/28/24$ at $11$:$59$ pm

Ray's GamePlace sells all the hottest gear and video games. On January $1,20$X$7,$ Ray's had the

following account balances:

Accounts Receivable

Less Allowance for Doubtful Accounts

Net Accounts Receivable

During $20$X$7,$ Ray's wrote off $$3,000$ in uncollectible accounts. Make this journal entry.

During $20$X$7,$ Ray's made credit sales of $$253,000$ and collected $$124,000$ of accounts receivable.

Record these journal entries.

At the end of the year, Ray's determines that approximately $4$ percent of its ending accounts

receivable balance will not be collected. Ray's uses the percentage of receivables method of

calculating bad debts. Make the necessary journal entry.

Show how the net accounts receivables balance would be reported on the balance sheet.