Accounting 201 Chapter 8 Quiz 1. Assume that as of 12/31/22, before any year-end adjusting entries, Jones, Inc. had a credit balance of $6,000 in allowance for uncollectible accounts. Jones had $2,200,000 in credit sales in 2022 and the overall historic bad debt percentage has been 1.5% of sales. Here is the information on Jones' receivables: Historical bad debt Past Due Current Amount percentage $550,000 1% $5,500 1-30 days $220,000 5% $11,000 31-60 days $52,000 30% $15,600 60+ days $12,000 60% $7,200 Total $834,000 $39,300 What amount of Bad Debt Expense should be recognized on 12/31/22 if Jones uses the percentage of sales method for estimating bad debts? What amount of Bade Debt Expense should be recognized on 12/31/22 if Jones uses the aging of accounts receivable method for estimating bad debts? Now assume that instead of a $6,000 credit balance, Jones had a beginning DEBIT balance of $3,000 in the allowance account. What amount would Bad Debt Expense be debited for in the journal entry to record this bad debt estimate if Jones uses the percentage of sales method for estimating bad debts? A few weeks after the end of the year, a customer approaches Jones to indicate that they cannot pay the $2,500 balance they owe to Jones. Make the necessary journal entry to record this nonpayment