4. If one of Kraft's main customers declared bankruptcy in 2018, what journal entry would be used to write off its $28 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.) View transaction list Journal entry worksheet Record the entry to write-off the uncollectable account. Note: Enter debits before credits. Transaction General Journal Debit Credit 2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $334 million of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at December 31, 2017, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet A Record the Bad debts expenses. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance in millions) as of December 31, 2017: Credits Debits $6,540 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 162 43,800 -58 Required: 1. Assume Kraft uses 12 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.) 00:44:37 3. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $334 million of its Accounts Receivable will be uncollectable. Also, assume that the unadjusted balance in Kraft's Allowance for Doubtful Accounts at December 31, 2017, was a debit balance of $33 million. Prepare the adjusting journal entry required at December 31, 2017, for recording bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list 1aLaLL