139. During 2016, Oklahoma Trucking Co. had service revenue on account of $350,000. Oklahoma had a balance in the Accounts Receivable account of $35,000 at the beginning of the year and a year-end...

139. During 2016, Oklahoma Trucking Co. had service revenue on account of $350,000. Oklahoma had a balance in the Accounts Receivable account of $35,000 at the beginning of the year and a year-end balance of $42,500. During the year Oklahoma wrote-off $8,750 of worthless receivables. Oklahoma uses the direct write-off method for uncollectible accounts.
a) Prepare the journal entry for Oklahoma's revenue for 2016.
b) Prepare the journal entry to record the write-off of the receivables.
c) What amount of cash did Oklahoma collect from customers during 2016?

140. Blake Company loaned Jiminez Corporation $18,000 on October 1, 2016. The 8-month note carried a 6% rate of interest.
Required: a) How will Blake report the note and interest on its 2016 income statement, balance sheet, and statement of cash flows?
b) How will Blake report the note and interest on its 2017 income statement and statement of cash flows?