6 1.5 pts Use the following information from The Pot Shop's Restaurant Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question. The Pot Shop's Restaurant Supply Accounting Receivable Aging as of September 30, 2023 Current 155,000 1-90 91-180 120,000 87,000 181-360 66,000 361+ Total 12,000 440,000 The Pot Shop had total sales of $160,000 for the month of Sept. As of August 31, The Pot Shop had a credit balance of $20,000 in their Allowance for Doubtful Accounts. The Pot Shop uses the Percent of Receivables method for estimating bad debt. They reserve at a rate of 4%. What should be the balance in the reserve account as of the end of September? Does The Pot Shop need to increase or decrease the reserve? By how much does The Pot Shop need to adjust the reserve? What is the journal entry to adjust the reserve? DR: CR: Question 7 1.5 pts Use the following information from The Pot Shop's Restaurant Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question. The Pot Shop's Restraurant Supply Accounting Receivable Aging as of September 30, Current 155,000 2023 1-90 91-180 181-360 361+ Total 120,000 87,000 66,000 12,000 440,000 The Pot Shop had total sales of $160,000 for the month of September As of August 31, The Pot Shop had a credit balance of $2,000 in their Allowance for Doubtful Accounts. The Pot Shop uses the Percent of Sales method for estimating bad debt. They reserve at a rate of 0.5%. What should be the balance in the reserve account as of the end of September? Does The Pot Shop need to increase or decrease the reserve? By how much does The Pot Shop need to adjust the reserve? What is the journal entry to adjust the reserve? DR: CR