Question

[The following information applies to the questions displayed below.]

Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter.

1. During January, the company provided services for $35,000 on credit.
2. On January 31, the company estimated bad debts using 2 percent of credit sales.
3. On February 4, the company collected $17,500 of accounts receivable.
4. On February 15, the company wrote off a $100 account receivable.
5. During February, the company provided services for $25,000 on credit.
6. On February 28, the company estimated bad debts using 2 percent of credit sales.
7. On March 1, the company loaned $3,000 to an employee, who signed a 6% note, due in 6 months.
8. On March 15, the company collected $100 on the account written off one month earlier.
9. On March 31, the company accrued interest earned on the note.
10. On March 31, the company adjusted for uncollectible accounts, based on an aging analysis (below). Allowance for Doubtful Accounts has an unadjusted credit balance of $1,150.

					Number of Days Unpaid
Customer		Total		0–30			31–60			61–90			Over 90
Alabama Tourism	$	200		$	100		$	80		$	20
Bayside Bungalows		350											$	350
Others (not shown to save space)		16,000			6,300			7,900			1,000			800
Xciting Xcursions		400			400
Total Accounts Receivable	$	16,950		$	6,800		$	7,980		$	1,020		$	1,150
Estimated Uncollectible (%)					3	%		15	%		20	%		40	%

3. Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31. (Do not round intermediate calculations.)

Answer 1

1.Showing or explaining  Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 31

Web Wizard, Inc  on March 31
Customer	Balance	0-30 days	31-60 days	61-90 days	Over 90 days
Total Receivables	$16,950	$6,800	$7,980	$1,020	$1,150
Percentage uncollectibles		3%	15%	20%	30%
Allowance for doubtful accounts	$1941.00	$204.00	$1,188.00	$204.00	$345.00

Web Wizard Inc. (Partial Balance Sheet)
At March 31
Assets		Amount
Current Assets:
Accounts receivables - Gross	$16,950
Allowance for doubtful accounts	$1941.00
Accounts receivables, net of allowance		$15009.00
Any doubt comment below i will explain or resolve until you got....
PLEASE.....UPVOTE....ITS REALLY HELPS ME....THANK YOU....SOOO MUCH....