Beta WatchesBeta Watches completed the following selected transactions during 2016 and 2017

1.the t-accounts for allowance for bad debts and bad debts expense have been opened for you. record the transactions in the general journal. post to the two t-accounts and keep running balances, assuming all accounts begin with a zero balance.

2.assume the december 31,2017, balance of accounts receivable is $139,000. show how net accounts receivable would be reported on the balance sheet at that date.

More info 2016 Dec. 31 Estimated that bad debts expense for the year was 3% of credit sales of S450,000 and recorded that amount as expense. The company uses the allowance method. 31 Made the closing entry for bad debts expense. 2017 Jan. 17 Sold merchandise inventory to Malcom Monet, $1,000, on account. Ignore Cost of Goods Sold. Jun. 29 Wrote off Malcom Monet's account as uncollectible after repeated efforts to collect from him. Aug. 6 Received S1,000 from Malcom Monet, along with a letter apologizing for being so late. Reinstated Monet's account in full and recorded the cash receipt. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Brian Kemper, $1,300; Mo Vanez, $1,100; and Rupert Robertson, $200. 31 Estimated that bad debts expense for the year was 3% on credit sales of $470,000 and recorded the expense. 31 Made the closing entry for bad debts expense. Print Done