Johnson corporation unadjusted trial balance at year-end include the following accounts. compute the uncollectible account expense, and make the appropriate journal entry for the current year assuming the uncollectible account expense is determined as follows:

sales(75% represent credit sales) credit 1,152,000, accounts receivable debit 288,000, allowance for doubtful accounts credit 2,184.

a. income statement approach 1% of total sales.
b. income statement approach 1.5% of credit sales.
c. balance sheet approach and the allowance for doubtful accounts should be $12,000.

During march, the business engaged in the following transactions: a. borrowed $45,000 from the bank and signed a note payable in the name of the business. b. paid cash of $40,000 to acquire land. c. performed service for a customer and received cash of $5,000. d. purchased supplies on account, $300. e. performed customer service and earned revenue on account, $2,600. f. paid $1,200 on account. g. paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400. h. received $3,100 on account. i. received a $200 utility bill that will be paid next week. j. paid cash dividends of $1,800. required: 1.) prepare journal entries for each transaction. enter journal entries by the transaction letter. 2.) prepare the trial balance of my motors, inc. at march 31, 20xx. 3.) prepare financial statements for my motors, inc. for the period ending march 31, 20xx. (income statement and balance sheet)