Problem 2:Below is the aging schedule for Integration Co.’s account receivable: Estimated Percentage Uncollectible Not yet…

Problem 2: Below is the aging schedule for Integration Co.’s account receivable: Estimated Percentage Uncollectible Not yet Due $110,000 1% 1–30 days past due 10,000 3% 31–60 days past due 6,000 10% 61–90 days past due 5,000 12% Over 90 days past due 10,000 30% Total Accounts Receivable $141,000 a) Prepare the adjusting entry on December 31, 2010, to recognize bad debts expense. b) Assume the Allowance for doubtful account had a previous credit balance of $5,000, prepare the adjusting entry on December 31, 2010, to recognize bad debts expense. Problem 3: Brule Co. has at the end of the current year the following balance: Account Receivable $30,000 (DR) Net Credit Sales $180,000(CR) Allowance for Doubtful Accounts $2,000 (CR) Bad debts are estimated to be 10% of net credit sales. Prepare the entry to recognize bad debt expense Problem 4: In 2010, Lebron James Company has net credit sales of $923,795 for the year. It had a beginning accounts receivable balance of $38,275 and an ending balance accounts receivable of $35,989. Calculate Lebron James Company’s account receivable turnover and average collection period in days. (1 year is 365 days)