Journalizing Transactions

  The following was taken from the records of Wesley Branch, Co in the year ending December 31, 20x7. Journalize the following transactions in an Excel spreadsheet for year-end 20x7 using the aging method. Assume that the allowance for doubtful accounts has a beginning credit balance of $10,000 on January 1, 20x7. The assignment template is attached below. Label the transactions below as journal entries #1 to #4, along with the dates of the entries: February 20, 20x7: Wrote off Johnson account: $300. May 20, 20x7: Received $360 as partial payment on the $650 account receivable due from Andrews. August 10, 20x7: Received $300 from Johnson on the account written off on February 20, 20x7. September 15: Wrote off the individual account receivables for the following customers as payment not expected in future: Masterson: $325; Benson: $320; Ishira: $450. December 31, 20x7: Wesley Branch prepared the following aging schedule for it accounts receivables: $115,000 of Accounts Receivable (A/R) are 0-30 days late: 2.5% probability of being uncollectible. $45,000 of A/R are 31-60 days late: 12% probability of being uncollectible. $17,000 of A/R are 61-90 days late: 25% probability of being uncollectible. $3,500 of A/R are later than 90 days late: 60% probability of being uncollectible. Instructions: Using the Excel spreadsheet template provided for this assignment, submit the following items: The four journal entries (1 to 4 above) with a one-sentence description for each The T-account for the allowance for doubtful accounts The journal entry to record bad debt expense The balance sheet presentation of the net realizable value of accounts receivable