Accounts Receivable and Estimating Bad dept Expense:

Hi I need help with the attached worksheet please use area at the bottom to show work and calculations if necessary

Part 1: Allowance Method - Percent of sales

Part 2: Allowance Method - Percent of receivables

You must enable macros in order fo Please visit the Microsoft Office Support sit Contact the World Campus Helpdesk s in order for this assignment to function. e Support site for documentation and instructions. us Helpdesk if you continue to have trouble. . Assignment number five - Accounts receivable and estimating bad debt expe Rollins' Bicycles has the following information available for the current year: Beginning balance in accounts recevable: Beginning balance in allowance for bad debts: $54,405.00 $3,726.00 Total sales for period (cash and credit) Sales on account for period Sales for cash during period $293,582.00 $247,513.00 $46,069.00 Cash collected on account during the period Write-offs of uncollectible receivables for period $101,428.00 $1,174.00 Debit Required - Part 1 (Allowance method - percent of sales): 1. Post the beginning balances to the accounts receivable and allowance for bad debts T-accounts 2. Journalize the transaction to record cash and credit sales for the period. Ignore the entry for cost of merch 3. Journalize the transaction to record cash collections on account for the period (entry 2) 4. Journalize the transaction to record write-offs of bad debts for the period (entry 3) 5. Post transactions 1, 2, and 3 to the accounts receivable and allowance for bad debts T-accounts 6. Journalize the adjusting entry for bad debt expense at the end of the period (entry 4) We calculate bad debts expense using the allowance method (percent of credit sales) We estimate bad debts to be: 3.00% of credit sales 7. Post the adjusting entry (entry 4) to the allowance for bad debts T-account Required - Part 2 (Allowance method - percent of receivable): 1. Post the beginning balances to the accounts receivable and allowance for bad debts T-accounts 2. Journalize the transaction to record cash and credit sales for the period. Ignore the entry for cost of merch 3. Journalize the transaction to record cash collections on account for the period (entry 2) 4. Journalize the transaction to record write-offs of bad debts for the period (entry 3) 5. Post transactions 1, 2, and 3 to the Accounts Receivable and Allowance for Bad Debts T-accounts 6. Journalize the adjusting entry for bad debt expense at the end of the period (entry 4) We calculate bad debts expense using the allowance method (percent of receivables) We estimate bad debts as: 2.00% of receivables 7. Post the adjusting entry (entry 4) to the allowance for bad debts T-account Use the area below t (*Note: Your instructor may use th and estimating bad debt expense 4 ad debts T-accounts ore the entry for cost of merchandise sold (entry 1) od (entry 2) entry 3) ad debts T-accounts d (entry 4) credit sales) ad debts T-accounts ore the entry for cost of merchandise sold (entry 1) od (entry 2) entry 3) Bad Debts T-accounts d (entry 4) receivables) General Journal (journ Part 1 Allowance method - percent Accounts Date 1 2 3 4 Date 1 General Journal (journ Part 2 Allowance method - percent of Accounts 2 3 4 he area below to show your work and calculations. r instructor may use this area to help review and resolve any incorrect answers) General Journal (journal) Part 1 Allowance method - percent of sales Accounts Debit General Journal (journal) Part 2 Allowance method - percent of receivables Accounts Debit ions. answers) Credit Credit Ledger accounts (T-accounts) Part 1 Date Beg Bal Accounts Receivable Debit Credit Balance Date Beg Bal Allowance for Bad Debts Debit Balance Ledger accounts (T-accounts) Part 2 Date Beg Bal Balance Accounts Receivable Debit Credit Date Beg Bal Balance Allowance for Bad Debts Debit e for Bad Debts Credit e for Bad Debts Credit