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7.26 Prepare entries for the following transactions involving receivables. Dec. 31, 1981 Estimate of bad debts is 4% of the accounts receivable balance of $10,000.

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7.26 Prepare entries for the following transactions involving receivables. Dec. 31, 1981 Estimate of bad debts is 4% of the accounts receivable balance of $10,000. The allowance account presently has a $350 credit balance. Feb. 16, 19X2 Mr. Kind defaults on his $225 balance. Mar. 2, 19X2 Mr. Kind pays $180 of the $225

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