At the end of the year, the m. i. wright company showed the following selected account balances: sales (all on $300,000accounts 800,000allowance for doubtful 38,000required: 1. assume the company estimates that 1% of all credit sales will not be collected. a. prepare the proper journal entry to recognize the expense involved. b. present the balances in accounts receivable and allowance for doubtful accounts as they would appear on the balance sheet. also show the net realizable accounts receivable.2. assume the company estimates that 5% of its accounts receivable will never be collected. a.prepare the proper journal entry to recognize the expense involved. b.present the balances in accounts receivable and allowance for doubtful accounts as they would appear on the balance sheet. also show the net realizable accounts receivable.3. under assumptions 1 and 2 above, give the proper journal entries for the following events. june 3 john shifty, who owes us $500, informs us that he is broke and cannot pay. we believe him. nov. 9 we learned that john shifty has won the lottery and is willing to pay off all his old debts.

The lee family is looking to buy a house in one of two suburban areas just outside of a major city, and air quality is a top priority for them. overall air quality is calculated by taking measures in 100 locations within each suburb and then calculating a measure of central tendency. in one suburb, there is a major bus station that creates very poor air quality at its location but has no impact in the surrounding parts of the suburb. in this situation, which measure of overall suburb air quality would be most useful?

During january 2018, the following transactions occur: january 1 purchase equipment for $20,600. the company estimates a residual value of $2,600 and a five-year service life. january 4 pay cash on accounts payable, $10,600. january 8 purchase additional inventory on account, $93,900. january 15 receive cash on accounts receivable, $23,100 january 19 pay cash for salaries, $30,900. january 28 pay cash for january utilities, $17,600. january 30 firework sales for january total $231,000. all of these sales are on account. the cost of the units sold is $120,500. the following information is available on january 31, 2018. depreciation on the equipment for the month of january is calculated using the straight-line method. the company estimates future uncollectible accounts. at the end of january, considering the total ending balance of the accounts receivable account as shown on the general ledger tab, $4,100 is now past due (older than 90 days), while the remainder of the balance is current (less than 90 days old). the company estimates that 50% of the past due balance will be uncollectible and only 3% of the current balance will become uncollectible. record the estimated bad debt expense. accrued interest revenue on notes receivable for january. unpaid salaries at the end of january are $33,700. accrued income taxes at the end of january are $10,100

Atrough in the business cycle occurs when