1. Bad debts are estimated at 3% of net sales; the unadjusted balance of the Allowance for Bad Debts account is $23,500 credit. 2. Bad debts are estimated at 3% of net sales; the unadjusted balance of the Allowance for Bad Debts account is $28,200 debit. 3. Bad debts are estimated at 9% of accounts receivable; the unadjusted balance of the Allowance for Bad Debts account is $23,500 credit. 4. Bad debts are estimated at 9% of accounts receivable; the unadjusted balance of the Allowance for Bad Debts account is $28,200 debit. 10 Exam 3 Workpaner 12.pdf 10 Exam 3 Workpaper #2.xlsx You'll upload your completed workpaper #2 in the next question. Based on your journal entries, indicate the balances of the accounts that would be reported on the financial statements on December 31, 2020 On the Income On the Balance Statement: Sheet: Cash Realizable Allowance for Bad CASE Bad Debts Expense Debts Value of Accounts Receivable 1 2 3 Recording estimated bad debts Chekov Company uses the allowance method to account for bad debts. On December 31, 2020, the following information was available: Net Sales $4,620,000 Accounts Receivable $1.440,000 Required: In Workpaper #2, give the adjusting general journal entry required on December 31, 2020 to record estimated bad debts assuming: 1. Bad debts are estimated at 3% of net sales; the unadjusted balance of the Allowance for Bad Debts account is $23,500 credit. 2. Bad debts are estimated at 3% of net sales: the unadjusted balance of the Allowance for Bad Debts account is $28,200 debit. 3. Bad debts are estimated at 9% of accounts receivable; the unadjusted balance of the Allowance for Bad Debts account is $23,500 credit. 4. Bad debts are estimated at 9% of accounts receivable; the unadjusted balance of the Allowance for Bad Debts account is $28,200 debit. 10 Exam 3 Workraper #2.pdf a 10. Exam 3 Workpaner #2.xlsx You'll upload your completed workpaper #2 in the next question Based on your journal entries, indicate the balances of the accounts that would be reported on the financial statements on December 31, 2020: On the income On the Balance Sheet: Cash Realizable Statement: Allowance for Red