At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for CertaPro Painters was $22,300. Credit sales for the year were $515,000. Make the necessary adjusting entry in general journal form under each of the following assumptions. If an amount box does not require an entry, leave it blank. Enter transactions in chronological order. 1. Allowance for Bad Debts has a credit balance of $870. a. The percentage of sales method is used and bad debt expense is estimated to be 1.0% of credit sales. b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $1,580 in uncollectible accounts.

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c. prepaidrent. onseptember1ofthecurrentyear, thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

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You wish to retire in 13 years, at which time you want to have accumulated enough money to receive an annual annuity of $23,000 for 18 years after retirement. during the period before retirement you can earn 9 percent annually, while after retirement you can earn 11 percent on your money. what annual contributions to the retirement fund will allow you to receive the $23,000 annuity? use appendix c and appendix d for an approximate answer, but calculate your final answer using the formula and financial calculator methods.