My professor is an older man who messes up often on dates so

My professor is an older man who messes up often on dates, so it more than likely pertains to whichever makes more sense. Sometimes he has us change the dates. I think it is 2018. I need help on all of this as soon as possible please. Thank you!

ACCOUNTS RECEIVABLE AND BAD DEBT COMPUTATIONS During 2018, SERENA, INC had a total of S 6,100,000 in gross sales. 87% of total sales were on credit. Also in 2014, $65,000 of accounts receivable were determined to be uncollectible. At year-end, the Accounts Receivable balance showed a total of S 1,650,000, which was aged as follows: AGE Current 1-30 days past due 31 - 60 days past due 61 -90 days past due over 90 days past due AMOUNT S 1,070,000 150,000 80,000 185,000 165,000 S 1,650,000 HINT: WRITE OFF ACTUAL BAD DEBTS BEFORE COMPUTING THE ESTIMATED BAD DEBT EXPENSE. Assume, where applicable, that the unadjusted balance in the Allowance for Doubtful Accounts has a debit balance of S 13,250 at year-end, before the actual bad debts were written off Use the direct write-off method. a single year-end entry 1. Assume that all accounts determined to be uncollectible are written off in Based on experience, annual uncollectible accounts are estimated to be approximately 4% of total sales for the year 2. Based on experience, uncollectible accounts for the year are estimated to be approximately 12% of total credit sales. 3. Based on experience, uncollectible accounts for the year are estimated to be approximately 8% of total accounts receivable. 4 T: Based on an aging of the accounts receivable management has determined the following EXTRA CREDI percentages of accounts are anticipated to be uncollectible. 5 5 percent of current accounts receivable 9 percent of accounts 1-30 days past due 28 percent of accounts 31 -60 days past due 67 percent of accounts 61 -90 days past due 78 percent of accounts over 90 days past due REQUIRED: Prepare the journal entries, in good form, required at year-end to properly record bad debt expense (doubtful accounts expense) under each of the above INDEPENDENI methods. PRESENT EACH ANSWER, AND COMPUTATION ON A SEPARATE SHEET OF PAPER. DO NOT WRITE ON BOTH SIDES OF THE PAPER.

Solution

For the rest of the questions we will use allowance metod

Under allowance method, the actual bad debts is written of first using the following entry

The above balance of $78250 will be common to all the next questions

1	Under direct write off there is no allowance for doubtful debt account
	Bad Debt Expense a/c	65000
	To Accounts Receivable A/c		65000