3 During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $155,000, of which $77.500 was on credit. At the start of 2021, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $570 credit balance. Collections of accounts receivable during 2021 amounted to $65,000. 16 points Data during 2021 follow a. On December 10, a customer balance of $1,350 from a prior year was determined to be uncollectible, so it was written off. be On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year 02:45:15 book Required: 1. Give the required journal entries for the two events in December 2.a Show how the amounts related to Bad Debt Expense would be reported on the income statement 2.b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Print Complete this question by entering your answers in the tabs below. Reg Req 24 Reg 28 Req Give the required foumal entries for the two events in December. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,350. Nota: Enter debit before credita. General Journal Debit Credit Date December 10, 2021 Record entry Clear entry View general Journal Reg Reg 2A > 3 During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $155,000, of which $77,500 was on credit. At the start of 2021, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $570 credit balance. Collections of accounts receivable during 2021 amounted to $65,000. Data during 2021 follow: a. On December 10, a customer balance of $1,350 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. 16 Doints 02:45:51 cBook Required: 1. Give the required journal entries for the two events in December. 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement. 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Print Complete this question by entering your answers in the tabs below. Reg 1 Req ZA Reg 2B Reg 3 Show how the amounts related to Bad Debt Expense would be reported on the income statement. Kelly's Camera Shop Income Statement (partial) Year ending December 31, 2021 Operating Expenses: 3 During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $155,000, of which $77,500 was on credit. At the start of 2021, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $570 credit balance. Collections of accounts receivable during 2021 amounted to $65,000. Data during 2021 follow: a. On December 10, a customer balance of $1,350 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. 16 points 8 02:45:40 cBook Required: 1. Give the required journal entries for the two events in December 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Print Complete this question by entering your answers in the tabs below. Reg 1 Req ZA Req 28 Reg 3 Show how the amounts related to Accounts Receivable would be reported on the balance sheet. Kelly's Camera Shop Balance Sheet (partial) At December 31, 2021 Current Assets 3 During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $155,000, of which $77,500 was on credit. At the start of 2021, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $570 credit balance. Collections of accounts receivable during 2021 amounted to $65,000. Data during 2021 follow: a. On December 10, a customer balance of $1,350 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. 16 points 8 02:45:28 cBook Required: 1. Give the required journal entries for the two events in December. 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Print Complete this question by entering your answers in the tabs below. Req1 Req ZA Req 2B Req3 On the basis of the data available, does the 2 percent rate appear to be reasonable? Does the 2 percent rate appear to be reasonable?