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In: AccountingTreat the following as three parts as separate cases:Part 1 of 3 Lynbrook, Inc. applies...Treat the following as three parts as separate cases:Part 1 of 3 Lynbrook, Inc. applies the allowance method to recordtransactions relating to their accounts receivables. On December31, 2018, the company had a debit balance of $475,000 in AccountsReceivable and a credit balance of $25,000 in their Allowance forDoubtful Accounts. During 2019, the company completed a number oftransactions involving sales on credit, accounts receivablecollections, and bad debts. These transactions are summarized asfollows:a. Provided $1,300,000 of delivery services on credit, termsn/30.b. Wrote off $18,000 of uncollectible accounts receivable. c.Received $700,000 cash in payment of accounts receivable.d. In adjusting the accounts on December 31, the companyestimated that 2.5% of accounts receivable would beuncollectible.Required: Prepare journal entries to record Lynbrook’s summarizedtransactions above and its year-end adjustments to record bad debtsexpense. (The company applies the allowance method for its accountsreceivable. Round amounts to the nearest dollar.)