Washington, jan 29 (reuters)-knowlton medical group, a maker of reconstructive implants for knees and hips, on tuesday filed to sell 3 million shares of common stock. in a filing with the u. s. securities and exchange commission, it said it plans to use the proceeds from the offering for general corporate purposes, working capital, research and development, and acquisitions. after the sale, there will be about 31.0 million shares outstanding in the arlington, tennessee-based company, according to the sec filing. knowlton shares closed at $18.15 on nasdaq. the common stock of knowlton medical group has a par of $0.03 per share. required: prepare the journal entry to record the sale of the shares assuming the price existing when the announcement was made and ignoring share issue costs.

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?