Chapter Summary Assignment Worksheet: Ch. 8 \& 9 You will turn in this completed, handwritten worksheet on the due date from the course schedule. 6 random questions from your completed worksheet will be graded for a maximum of 6 points per assignment. Part 1: Accounts Receivables and Allowance Method 1) Spencer Co. is a large wholesaler of electronics. At the end of 2023 , the company's controller estimates 5% of the $212,500 in Accounts Receivable will be uncollectible. a. Write the journal entry to record Bad Debt Expense for the period if the Allowance for Doubtful Accounts has a credit balance of $2,550 before this adjusting entry is posted: b. How does the posting of this journal entry affect the accounting equation? c. What is the Net Realizable Value of Accounts Receivable reported in Spencer Co.'s balance sheet as of Dec. 31, 2023? 2) (Continuation of question 1). Assume that during 2024, a total of $3,725 Accounts Receivable has to be written off due to customers' inability to pay what they owe Spencer Co. a. What iournal entrv would be used to record this write-off of $3.725 ? b. How does the posting of this journal entry affect the accounting equation? c. What is the Allowance for Doubtful Accounts balance after this write off? (Your answer should indicate the amount and whether it is a Debit or Credit balance. Hint: Use a T-account to determine your answer.) d. Spencer Co. assumes that at the end of 2024,5% of its new $225,000 Accounts Receivable balance will be uncollectible. Using the Allowance for Doubtful Accounts balance from above (question 2) c.) determine the Bad Debt Expense that would be recorded at the end of 2024 and enter the journal entry below