PB3. Itd 5.1 The following selected accounts and normal balances existed at year-end. Notice that expenses exceed revenue in this period. Make the four journal entries required to close the books: $ 85,500 Accounts receivable Prepaid insurance Land 18,000 15,000 82,350 Accounts payable Notes payable 35,000 Retained earnings 129,650 Dividends 15,000 Fees earned revenue 311,000 210,000 Selling expenses Administrative expenses 105,000 Miscellaneous expense 8,500

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Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Receivable Loss % $ 90,000 20,000 11,000 6,000 Over 180 days past due 4,000 Total accounts receivable $ 131,000 Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 296 4 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. Transaction Record bad debts expense 5 10 25 (a) What amount of bad debts expense will LaFond report in its income statement for the year? $0 Cash Asset (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Noncash Assets Balance Sheet Liabilities Contributed Capital (c) What is the balance of accounts receivable on it December 31 balance…

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