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Question$-1$

In the General Journal of Krywa TV Service, record the adjusting entries for the three$-$month period ending March $31,2021.$

$($a$)$On January $1,$ rent was paid in advance for six months at $$250$ per month. The total paid $($$$1,500)$ was debited to Rent Prepaid.

$($b$)$A one$-$year insurance policy was purchased on January $2,$ $$1,800,$ and was charged to Insurance Prepaid. No monthly adjustments have been recorded.

$($c$)$On January $1,$ advertising costs were prepaid for six months, $$360.$

$($d$)$Salaries owing to the employee but not yet paid on March $31,$ $$400.$

$($e$)$Services to customers who have paid in advance have been completed in March, $$560.$

$($f$)$Interest accrued for three months on a bank loan, $$375.$

$($g$)$Amortization on Tools & Equipment is to be calculated for three months on the book value of $$1,600$ at an annual rate of $25\%.$

Question$-2$ Exercise $-1$ Chapter $12$

Dominion Importing Co$.$ has the following list of accounts receivables on December $31,20.$ The terms on all sales invoices are net $30$ days.

Name of Customer Date on Invoice Amount

Andosa, Conrad Jul. $10,20$ $$350\mathrm{.}00$

Bellini, Thomas Sept. $28,20165\mathrm{.}50$

Decker, Sylvia Dec. $3,20453\mathrm{.}75$

Evans, John Sept. $15,20510\mathrm{.}35$

Fu$,$ Jane Nov. $8,20215\mathrm{.}25$

Gignac, Arthur Oct. $20,20687\mathrm{.}10$

Leake, Mitch Oct. $3,2096\mathrm{.}00$

Moore, Stephen Aug. $10,20204\mathrm{.}30$

Orb, Chris Nov. $30,20260\mathrm{.}75$

Sigurdson, Rob Nov. $16,20528\mathrm{.}50$

Woo, Michael Dec. $8,20112\mathrm{.}40$

Other customers Dec. $15,2011,450\mathrm{.}00$

$($a$)$Prepare a schedule of accounts receivable by age using the same headings as shown in Figure $12\mathrm{.}1.$ Each invoice is due $30$ days after the invoice date shown. Calculate the percentage that each category represents of the total accounts receivable.

$($b$)$Using the following percentages for probable loss, compute the estimated loss from uncollectible accounts:

Not yet due $1\%$

$130$ days past due $4\%$

$3160$ days past due $10\%$

$6190$ days past due $20\%$

Over $90$ days past due $50\%$

$($c$)$Record the General Journal entry for the estimated uncollectible receivables at year$-$end $($December $31).$

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