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Accounts Receivable Modern Times, Inc., had, on its 12-31-2010 balance sheet the following amounts: Accounts...

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Accounts Receivable Modern Times, Inc., had, on its 12-31-2010 balance sheet the following amounts: Accounts receivable Allowance for doubtful accounts $ 365,000. (debit) 18,000. (credit) Transactions in 201lincluded: 1. Accounts receivable of $ 925,400. were collected. 2. Sales on account amounted to $ 978,300. and sales returns were $ 28,200. 3. Customer accounts totaling S 35,700. were written off during the year. A. What is the net realizable value of accounts receivable on 1-1-2011? B. Assuming that the allowance for doubtful accounts at the end of the year needs to be 6% of gross accounts receivable, prepare the bad debt expense adjusting journal entry for 12- 31-2011. Note Receivable For a Note Receivable dated 12-31-2012 with the face amount of the noninterest-bearing note of $ 200,000. The customer would normally pay 8% on such a financing transaction. If the Note was originally received on 1-1-2011, what amount of interest revenue will the payee recognize on 12-31-2011? What if (given the same facts as the first) the note had been a 6% coupon note, payable annually

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