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At December 31, Camino Tires Company reported the following results for its calendar year from the adjusted trial balance. Credit sales $2,200,000 Accounts Receivable 330,000

At December 31, Camino Tires Company reported the following results for its calendar year from the adjusted trial balance.

Credit sales $2,200,000
Accounts Receivable 330,000
Allowance for doubtful accounts (debit balance) 3,500

Required 1:

Calculate the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 1.0% of credit sales.

Enter amount here: __

Required 2:

Calculate the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 9.0% of year-end accounts receivable.

Enter amount here:__

Required 3:

Calculate the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated using the aging of accounts receivable method based on the percentages below.

Aging of Receivables:

Uncollectible Percentage
Current 214,500 3.0%
1 to 30 56,100 7.0%
31 to 60 33,000 18.0%
61 to 90 16,500 35.0%
Over 90 9,900 70.0%
Total 330,000

Enter amount here: __

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