solved The following was taken from the records of Wesley Branch,

The following was taken from the records of Wesley Branch, Co in the year ending December 31, 20×7. Journalize the following transactions in an Excel spreadsheet for year-end 20×7 using the aging method. Assume that the allowance for doubtful accounts has a beginning credit balance of $10,000 on January 1, 20×7. The assignment template is attached below.Label the transactions below as journal entries #1 to #4, along with the dates of the entries:February 20, 20×7: Wrote off Johnson account: $300.May 20, 20×7: Received $360 as partial payment on the $650 account receivable due from Andrews.August 10, 20×7: Received $300 from Johnson on the account written off on February 20, 20×7.September 15: Wrote off the individual account receivables for the following customers as payment not expected in future: Masterson: $325; Benson: $320; Ishira: $450.December 31, 20×7: Wesley Branch prepared the following aging schedule for it accounts receivables:$115,000 of Accounts Receivable (A/R) are 0-30 days late: 2.5% probability of being uncollectible.$45,000 of A/R are 31-60 days late: 12% probability of being uncollectible.$17,000 of A/R are 61-90 days late: 25% probability of being uncollectible.$3,500 of A/R are later than 90 days late: 60% probability of being uncollectible.Instructions:Using the Excel spreadsheet template provided for this assignment, submit the following items:The four journal entries (1 to 4 above) with a one-sentence description for eachThe T-account for the allowance for doubtful accountsThe journal entry to record bad debt expenseThe balance sheet presentation of the net realizable value of accounts receivable