On december 31, 2020, cheyenne corp. estimated that 3% of its net accounts receivable of $435,200 will become uncollectible. the company recorded this amount as an addition to allowance for doubtful accounts. the allowance account had a zero balance before adjustment on december 31, 2020. on may 11, 2021, cheyenne corp. determined that the jeff shoemaker account was uncollectible and wrote off $2,176. on june 12, 2021, shoemaker paid the amount previously written off. prepare the journal entries on december 31, 2020, may 11, 2021, and june 12, 2021. (credit account titles are automatically indented when amount is entered. do not indent manually. record journal entries in the order presented in the problem.)

Ardmore farm and seed has an inventory dilemma. they have been selling a brand of very popular insect spray for the past year. they have never really analyzed the costs incurred from ordering and holding the inventory and currently fave a large stock of the insecticide in the warehouse. they estimate that it costs $25 to place an order, and it costs $0.25 per gallon to hold the spray. the annual requirements total 80,000 gallons for a 365 day year.a. assuming that 10,000 gallons are ordered each time an order is placed, estimate the annual inventory costs.b. calculate the eoq.c. given the eoq calculated in part b., how many orders should be placed and what is the average inventory balance? d. if it takes seven days to receive an order from suppliers, at what inventory level should ardmore place another order?