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7) Hadrly Hardware makes only credit sales. It began 2018 with a credit balance of $32,000 in the allownace for sales returns account. Sales during 2018 were $800,000 Cost of Sales was 70%. Rusty estimates that 6% of all sales will be returned. During 2018, customers returned merchandise for credit of $50,000 to their accounts. Where type of account is an allownace for sales return account .Where in the financial statement is it placed. A)What is the $ balance in the allownace for returns account at the end of 2018? B) Rusty's 2018 income statement would report net sales of Prepare all required journal entries. 8) Which of the following does not reduce the balance in accounts receivable? A) Recognizing bad debts expense. BWrite-offs. C) Collections from customers. D) Returns on credit sales. 9) Calistoga Produce estimates bad debt expense at 12% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $600,000 a $2500, respectively, at January 1, 2018. During 2018, Calistoga's credit sales and collections were $350,000 and $220,000, respectively, and $5000 in accounts receivable were written off. Explain what is the non the GAAP accounting method for bad debt. Explain what