Age of Accounts as of June 30, 2019 1-30 31-60 61-90 Over 90 Total Customer Name Days Days Days Days Balance Mountain Youth Club $ 300 $ 300 Tee Time 900 $ 600 1,500 Dia Daycare 700 700 Lakefront Pavilion 500 500 Eagle Center 1,100 1,100 Peacock Yacht Club 600 600 Shark Shirts 1,300 800 2,100 800 800 800 2,400 Zane's Marina $ 4,400 $ 2,200 $ 1,900 $ 700 $ 9,200 Total e of Print Done Golden Lake Company has experienced rapid growth in to first few months of operations and has had a significant increase in customers renting canoes and purchasing T-shirts, Many of these customers are asking for credit lems. Alson Winoncer and company manager, has decided it is time to review the business transactions and sodate some of the business practices. Her first step is to make decisions about handling accounts reosable. So far, year to das credit sales have been $23.000 A ew of outstanding receivables resulted in the following aging schedule Ck te kon to wew the aging schedule] Read the requisments Requirement 1. The company wants to use the allowance method to estimate bad debts. Assume a zero beginning balance for Allowance for Bad Deb Determine the estimated bad debts expense under the percent-of-sales methods at June 30, 2019. Assume that 7% of credit sales will not be colected. (Round to the nearest dolar) Method Perot-of-sales Estimated Bad Debts b. Determine the estimated bad debts expense under the percent-of-rosivables methods at June 30, 2010. Assume that 22% of receivables will not be collected (Round to the armor.) Method b. Porcent-of-cervables Estimated Bad Debts Determine the estimated bad debts expense under the aging of cable methods at June 30, 2018 Assume that 20% of invoices 1-30 days will not be collected, 25% of invoices 31-60 days, 30% of invoices 61-90 days, and 70% of imao over 90 days (Pound intermediary computations and your final answer to the Method Estimated Bad Deb Aging of receivables Requirement 2. Joumalize the entry at June 30, 2010, to adjual for bad debts expense using the percent-of-sales method (Record dbts fint, then credits Select the explanation on the last line of the journal entry tate) Date Just 30 Accounts and Explanation Debit Credit Requirement 3. Joumalize the enly at June 30, 2019, to record the write-off of the Die Daycare inace (Record debis fest, then credits Select the explanation on the last ine of the journal entry tabte Ameful the Ou Deyam vo mk Requirement 3. Journalize the entry at June 30, 2015, to recont the write-off of the Dia Daycare Invice (Record debits first, then credits. Select the explanation on the last line of the journal entry table Assume that the De Daycams voice makes up we Da Daycare receivable balance. Continue to assume that the percent-of-sales method is in use) Date JJ 30 Accounts and Explanation Debit Credit Requirement 4. At June 30, 2019, Taccounts for Accounts Receivable and Allowance for Bad Debts before Requirements 2 and 3 have been opened for you. Post entries from Requirements 2 and 3 to those accounts Assume a zeno beginning balance for Allowance for Bad Deb For each account, enter the balance, "Bal prior to the Jun 30 entries on the first line of the T-account Post the two Jun 30 the adjusted balances, along with a "Bal reference, (If an account has a zero balance, select the "Balselarence and enter dies, using Jun 30 posting references, on the second lines of the Y-accounts Lor the fral line of the T-accounts to ent on the appropriate side of the Taco Accounts Receivable Allowance for Bad Debts Requirement Show bow Golden Lake Company will report net accounts receivable on the balance sheet on June 30, 2019 (Corte to assume that the pincent-of-sales method a ni Balance Sheet (Partia Current Poets and that the from Flequimarts 2 and 3 has been