Renue spa had the following balances at december 31, year 1: cash of $15,000, accounts receivable of $61,000, allowance for doubtful accounts of $3,750, and retained earnings of $72,250. during year 3, $2,100 of accounts receivable were written off as uncollectible. in addition, renue unexpectedly collected $500 of receivables that had been written off in a previous accounting period. services provided on account during year 3 were $215,000, and cash collections from receivables were $218,000. uncollectible accounts expense was estimated to be 2 percent of the sales on account for the period. required a. organize the information in accounts under an accounting equation. b. based on the preceding information, compute (after year-end adjustment): 1. (1) balance of allowance for doubtful accounts at december 31, year 3. 2. (2) balance of accounts receivable at december 31, year 3. 3. (3) net realizable value of accounts receivable at december 31, year 3. c. what amount of uncollectible accounts expense will renue spa have for year 3?

The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated.b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed.c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days.d. both a and c