Given the following information and the information in Figure complete ac. a. Prepare on December 31, 2012,

Given the following information and the information in Figure complete a–c.

a. Prepare on December 31, 2012, the adjusting journal entry for Bad Debts Expense.
b. Prepare a partial balance sheet on December 31, 2012, showing how net realizable value is calculated.
c. If the balance in the Allowance for Doubtful Accounts were a $330 debit balance, journalize the adjusting entry for Bad Debts Expense on December 31, 2012.
Balances: Cash, $28,000; Accounts Receivable, $193,000; Allowance for Doubtful Accounts, $330; Merchandise Inventory,$16,000.

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LAKE CO DECEMBER 31, 2012 Estimated Percent Estimated Amount Needed Considered to Be Bad in Allowance for Doubtful Accounts Amount Debts Expense Not yet due 0-60 61-180 $170,000 8,000 12,000 ,000 $193,000 6% 23% 3290