2 Required information (The following information applies to the questions displayed below.) Part 1 of 3 At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 560,000 $ 1,400,000 3.12 points In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 756,000 debit $ 7,600 debit eBook Print Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. References a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet Bad debts are estimated to be 3% of credit sales. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 2 Required information (The following information applies to the questions displayed below.) Part 1 of 3 At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 560,000 $ 1,400,000 3.12 points In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 756,000 debit $ 7,600 debit eBook Print Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. References a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet Bad debts are estimated to be 2% of total sales. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal 2 Required information (The following information applies to the questions displayed below.) Part 1 of 3 At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 560,000 $ 1,400,000 3.12 points In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 756,000 debit $ 7,600 debit eBook Print Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. References a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal