Beta Watches completed the following selected transactions during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements. Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. (Record debits first, then credits. Exclude explanations from journal entries. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2018 transactions in the general journal Dec 31: Estimated that bad debts expense for the year was 2% of credit sales of $490,000 and recorded that amount as expense. The company uses the allowance method. Date Accounts and Explanation Debit Credit 2018 Dec. 31 (Adj.) Debit Credit Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation 2018 Dec. 31 (Clos.) Now record the 2019 transactions in the general journal. Jan. 17: Sold inventory to Manny Vasquez, $1,100, on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2019 Jan. 17 Jun. 29: Wrote off Manny Vasquez's account as uncollectible after repeated efforts to collect from him. Date Accounts and Explanation Debit Credit 2019 Jun. 29 Aug. 6: Received $1,100 from Manny Vasquez, along with a letter apologizing for being so late. Reinstated Vasquez's account in full and recorded the cash receipt. Start by recording the entry to reinstate Vasquez's account. Date Accounts and Explanation Debit Credit 2019 Aug. 6 Now record the $1,100 received from Manny Vasquez. Date Accounts and Explanation Debit Credit 2019 Aug. 6 Dec. 31: Made a compound entry to write off the following accounts as uncollectible: Barry Krisp, $1,200; Mary Martin, $1,100; and Roger Hill, $550. Date Accounts and Explanation Debit Credit 2019 Dec. 31 (W/O) Dec 31: Estimated that bad debts expense for the year was 2% on credit sales of $540,000 and recorded the expense. Date Accounts and Explanation Debit Credit 2019 Dec. 31 (Adj.) Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2019 Dec 31 (Clos.) Now post the transactions to the two T-accounts. (Enter "0" on the normal side of the account for any zero balances.) Review the journal entries. Allowance for Bad Debts Bad Debts Expense Requirement 2. Assume the December 31, 2019, balance of Accounts Receivable is $131,000. Show how net accounts receivable would be reported on the balance sheet at that date. Balance Sheet (Partial): Current Assets: Choose from any list or enter any number in the input fields and then continue to the next