1. Assume Lakeside had an unadjusted \$2,40 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 312024 adjustment to record bad debts expense using the percent-of- receivables method.

2. Assume Lakeside had an unadjusted $2,300 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 31, 2024 adjustment to record bad debts expense using the percent-of-receivables method.

The Accounts Receivable balance for Lakeside Company at December 31, 2023, was $21,000. During 2024, Lakeside earned revenue of $461,000 on account and collected $322,000 on account. Lakeside wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2,400 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 31, 2024 adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and explanation Debit Credit Dec 31 Requirements 1 Clear all Check answer Assume Lakeside had an unadjusted $2.400 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 31, 2024 adjustment to record bad debts expenso using the percent of receivables mothod Assume Lakeside had an unadjusted $2,300 debit balance in Allowance for Bad Debts at December 31, 2024, Jourmalize Lakeside's December 31, 2024 adjustment to record bad debts expense using the percent of receivable method 2