Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter.

During January, the company provided services for $$34,000$ on credit.

On January $31,$ the company estimated bad debts using $1$ percent of credit sales.

On February $4,$ the company collected $$17,000$ of accounts receivable.

On February $15,$ the company wrote off $$150$ account receivable.

During February, the company provided services for $$24,000$ on credit.

On February $28,$ the company estimated bad debts using $1$ percent of credit sales.

On March $1,$ the company loaned $$2,200$ to an employee, who signed a $6\%$ note, due in $6$ months.

On March $15,$ the company collected $$150$ on the account written off one month earlier.

On March $31,$ the company accrued interest earned on the note.

On March $31,$ the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions $($as well as others not listed$).$ Prior to the adjustment, Allowance for Doubtful Accounts has an unadjusted credit balance of $$1,140.$

Customer Total Number of Days Unpaid

total: $0$ to $30,31$ to $60,61$ to $90,$ Over $90$

Alabama Tourism $ $230,$ $ $110,$$ $90,$ $ $30$

Bayside BungalowsWeb Wizard, Incorporated, has provided information technology services for several years. For the first two months of the

current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first

partial list of transactions during the first quarter. accounts receivable method. The company entered into the following

a$.$ During January, the company provided services for $$34,000$ on credit

b$.$ On January $31,$ the company estimated services for

c$.$ On February $4,$ the company estimated bad debts using $1$ percent of credit sales.

d$.$ On February $15,$ the company wrote off $$15000$ of accounts receivable.

e$.$ During February, the company provided services for $$150$ account receivable.

f$.$ On February $28,$ the company estimated bad debts $$24,000$ on credit.

g$.$ On March $1,$ the company loaned $$2,200$ to an employee $1$ percent of credit sales.

h$.$ On March $15,$ the company collected $$150$ on the account written signed a $6\%$ note, due in $6$ months.

i$.$ On March $31,$ the company accrued interest earned on the note.

f$.$ On March $31,$ the company adjusted for uncollectible accounts, based on the following aging analysis, which includes

an unadjusted credit balance of $$1,140.$

Required:

For items $($a$)$ to $.$ analyze the transaction to determine effects on specific finandial statement accounts and the overall accounting

equation. $($Enter

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

classified balance sheet at the end of the quarter on March $31.($Do not round intermediate calculations.$)$

Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Recelvable. Name

accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement an

whether each would appear before, or after, Income from Operations. $340$ $ $340$

Others $($not shown to save space$)16,0006,2007,8001,100900$

Xciting Xcursions $390390$

Total Accounts Receivable $ $16,960$ $ $6,700$ $ $7,890$ $ $1,130$ $ $1,240$

Estimated Uncollectible $(\%)2\%10\%20\%30\%$

Required:

PART $1$: For items $($a$)$ to $($j$),$ analyze the transaction to determine effects on specific financial statement accounts and the overall accounting equation. $($Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign. Do not round intermediate calculations.$)$

PART $2$: Prepare the journal entries for items $($a$)$ to $($j$).($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field. Do not round intermediate calculations.$)$

PART $3$: Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March $31.($Do not round intermediate calculations.$)$

PART $4$: Sales Revenue and Service Revenue are two income statement accounts that relate to Accounts Receivable. Name two other accounts related to Accounts Receivable and Notes Receivable that would be reported on the income statement and indicate whether each would appear before, or after, Income from Operations.