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Part A . At year-end (December 31). Double-Y Co. estimates its bad debts as 1% of its annual credit sales of $800,000. Double-Y records its bad debts expense for that estimate. (I 6 marks) . On the following March 10. Double-Y decides that the 52,500 account of Clips Co, is uncollectible and writes it off m a bad debt. (1 md) . On May 25, Clips Co. unexpectedly pays the amount previously written off. (1 mark) Required: Prepare the journal entries of Double-Y Co. to record these transactions and events of December 31, March 10, and May 25. Part-B At each calendar year-end, Fahad Electric Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2019, it has outstanding accounts receivable of S500,000, and it estimates that 1.546 will be collectible. (1 marks Required: Prepare the adjusting entry to record bad debts expense for year 2019 under the assumption that the Allowance for Doubtful Accounts has a 53,000 debit balance before the adjustment. Part- There are two methods of accounting for bad debts including direct write-off method and allowance method. Required: Write down an advantage of using the allowance method of accounting for bad debts. (1 mark) For the toolbar, press ALT+F10 (PC) or ALTAFN+F10 (Mac). T. ill XC Q 140x