abled Test #1 BACC 200 W21 On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Credit Account Accounts receivable Allowance for doubtful accounts Sales (52,700,000 cash sales) $2,000,000 31,000 $10,000,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions a. Bad debts are estimated to be 2% of credit sales b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible View transaction lit Journal entry worksheet Record the estimate for uncollectible accounts Transaction Goncal Journal Dobit Credit Dec 31 Celry View journal 30 of 31 Next > SAMSUNG nabled: Test # 1 BACC 200 W21 On December 31, 2020, Corotel Company's year-end, the unadjusted trial balance included the following items: Account Credit Accounts receivable Allowance for doubtful accounts Sales ($2,700,000 cash sales) $2.080,000 31.000 $10,880,000 Required: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2020, will become uncollectible View transaction list Journal entry worksheet 1 2 > Record the estimate for uncollectible accounts debitore credits General Journal Det Credit Dec 31 Recordanti Clear entry View generala SAMSUNG 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2020 balance sheet given the facts in requirement 1(a). Partia Baluce et Assets Current assets 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31, 2020 balance sheet given the facts in requirement 16) Partial Balance Sheet Assets Current assets