2. Assume instead that Kraft Heinz uses the aging of accounts receivable method and estimates that $318 million of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 31, 2020, for recording Bad Debt Expenses. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.)

3. Assume instead that Kraft Heinz uses the aging of accounts receivable method and estimates that $318 million of its Accounts Receivable will be uncollectible. Also, assume that the unadjusted balance in Kraft Heinzs Allowance for Doubtful Accounts on December 31, 2020, was a debit balance of $40 million. Prepare the adjusting journal entry required at December 31, 2020, for recording bad debt expenses. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.)

4. If one of Kraft Heinzs main customers declared bankruptcy in 2021, what journal entry would be used to write off its $32 million balance? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.)

The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H.J. Heinz Corporation. Assume the company reported the following amounts in its unadjusted trial balance (in millions) as of December 31, 2020: Required: 1. Assume Kraft Heinz uses 1/2 of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad debt expense has been recorded yet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to the nearest whole dollar number.) Journal entry worksheet Note: Enter debits betore credits