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I1I-(20 points) Aging of Accounts Receivable of BCK company...

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I1I-(20 points) Aging of Accounts Receivable of BCK company shows the following balances on Dec.31,2013: estimation of bad debt A/R balancespercantage $930,000 150,000 75,000 26,000 14,000 2% 12% 18% 40% 70% Current Accounts 30 days past due 60 days past due 90 days past due Over 90 days past due a) compute the estimation of Allowance for Bad Debt and Journal- ize the estimation on Dec. 31,2013. The Allow. for Bad debt has zero balance at that time b) Compute the Balance of A/R and show the reporting of A/R on the Balance Sheet of Dec.31, 2013 at net. c) on Feb. 12.2014, an A/R account which has $65,000 balance defaulted and was written-off. Journalize this transaction. d) on April 25,2014, A/R number 17, which has a balan $200,000 was factored action. (sold) for $188,000. Journalize this trans- e) ACc Company has a s500,000 one-year Notes Receivable dating July 1,2012 to June 30,2013 and carries 6% interest. On Jan.2,2013 the company needed cash and discounted (sold) the N/R for $478,000. Journalize on July 1,2012, Dec. 31 2012 and Jan. 2, 2013

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