The general ledger of Pop's Fireworks includes the following account balances in 2021:
Accounts Debit Credit
Cash $ 21,200
Accounts Receivable 41,500
Allowance for Uncollectible Accounts $ 2,200
Supplies 6,700
Notes Receivable (8%, due in 2 years) 10,000
Land 85,000
Accounts Payable 12,300
Common Stock 106,000
Retained Earnings 29,900
Service Revenue 124,800
Salaries Expense 70,900
Utilities Expense 24,200
Supplies Expense 15,700
Totals $ 275,200 $ 275,200

In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances above:

June 3 Provide additional services on account for $7,000. All services on account include terms 2/10, n/30.
June 8 Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $5,000.
November 15 Write off customer accounts of $1,500 as uncollectible.
Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected.
Accrue interest on the note receivable of $10,000, which was accepted on October 1, 2021. Interest is due each September 30.

1)Record the estimate of future bad debts.
2) Record the interest accrued on note receivable.

The journal entries to record the estimate of future bad debts and the interest accrued on note receivable are: Debit Account receivable $7,000; Credit Service revenue $7,000.

Journal entries

June 3

Debit Account receivable $7,000

Credit Service revenue $7,000

June 9

Debit Cash $4,900

($5,000-$100)

Debit Sales discount $100

(2%×$5,000)

Credit Account receivable $5,000

November 15

Debit Allowance for uncollectible account $1,500

Credit Account receivable $1,500

December 31

Debit Bad debt expense $4,200

Credit Allowance for uncollectible account $4,200

[($41,500+$7,000-$5,000-$1,500)×10%]

December 31

Debit Interest receivable $200

Credit Interest revenue $200

($10,000×8%×3/12)

Inconclusion the journal entries to record the estimate of future bad debts and the interest accrued on note receivable are: Debit Account receivable $7,000; Credit Service revenue $7,000.

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