Part B The company completed the following transactions during 2020. Jan 10 sold inventory to Natty Paul, $11,000, on account May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and...

Part B

The company completed the following transactions during 2020.

• 
  Jan 10
  sold inventory to Natty Paul, $11,000, on account


• 
  May 15
  wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400


• 
  August 04
  received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible


• 
  October 26
  received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible.


• December 31, The Aging schedule showed an estimated $116,500 as uncollectible

Requirements:

1. Prepare journal entries for each transaction(No narrations required)
   this part was completed and is provided in the image below
   
   
   help needed for questions below
   
   


2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.


3. Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.

Extracted text: Date Particulars Debit Credit 10 Jan Accounts receivable 11,000 Revenue 11,000 15 May Allowance for uncollectible account 2,900 Accounts receivable 2,900 4 Aug Cash 7,700 Allowance for uncollectible amount 3,300 Accounts Receivable 11,000 26 Oct Accounts Receivable 120 Allowance for uncollectible account 120 26 Oct Cash 120 Accounts receivable 120 31 Dec Bad Debt 91380 Allowance for uncollectible accounts 91380