complete the following based on the information above

The following transactions were selected from among those completed by Bennett Retailers in November and December: Novertber 20 Sold 20 items of nerehandise to cuntoner b at an invoice price of $5, 800 (totall) terma 4/10, n/30. credit card. Visa charges Bennett Aetailers a 1 percent eredit card fee. November 28 sold 10 identical itens of merchandibe to Customer D at an invoice price of 59,700 (total) terme 4/10,n/302 Bovesber 29 Cuntomer D returned one of the itena purehased on the adthi the iten vas defeetive asd eredit wan Decenber 6 Clven to the custoner. Decenber 20 Custoner is paid in fall for the invoice of Novenber 20. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations, Round your answer to the nearest whole dollar amount. At the end of the prior year, Durney's Outdoor Outfitters reported the following information. During the current year, sales on account were $306,923, collections on account were $290,850, write-offs of bad debts were $7,069, and the bad debt expense adjustment was $4.785. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1.b. Complete the amounts related to Accounts Recelvable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Recelvable and Bad Debt Expense that would be reported on the balance sheet for the current year. Complete this question by entering your answers in the tabs below. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. At the end of the prior year, Durney's Outdoor Outfitters reported the following information. During the current year, sales on account were $306,923, collections on account were $290,850, write-offs of bad debts were $7,069. and the bad debt expense adjustment was $4,785. Required: 1-a. Complete the Accounts Recelvable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Recelvable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Recelvable and Bad Debt Expense that would be reported on the balance sheet for the current year: Complete this question by entering your answers in the tabs below. Complete the amounts related to Accounts Recelvable and Bad Debt Expense that would be reported on the balance sheet for the current year. (Amounts to be deducted should be indicated by a minus sign.) During the current year, Witz Electric, Incorporated, recorded credit sales of $710,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. On September 29 of the current year, an account receivable for $2,400 from March of the current year was determined to be uncollectible and was written off. 2. The appropriate bad debt expense adjustment was recorded for the current year. Journal entry worksheet Record the entry to write-off the uncollectible account. Note: Enter debits before credits. During the current year, Witz Electric, Incorporated, recorded credit sales of $710,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. On September 29 of the current year, an account receivable for $2,400 from March of the current year was determined to be uncollectible and was written off. 2. The appropriate bad debt expense adjustment was recorded for the current year. Journal entry worksheet Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account recelvable is aged on the basis of three time periods as follows: (1) not yet due, $278,000; (2) up to 120 days past due, $58,000; and (3) more than 120 days past due, $21,000. Experience has shown that for each age group, the average loss rate on the amount of the recelvables at year-end due to uncollectibility is (1) 3.5 percent, (2) 11 percent, and (3) 30 percent, respectively. At December 31 , the end of the current year, the Allowance for Doubtful Accounts balance is $300 (credit) before the end-of-period adjusting entry is made. Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current year. 2. Show how the various accounts related to accounts recelvable should be shown on the December 31 , current year, balance sheet Complete this question by entering your answers in the tabs below. Prepare the appropriate bad debt expense adjusting entry for the current year. (If no entry is required for a transaction/event, select "No foumal entry required" in the first account field.) Journal entry worksheet Record the adjusting journal entry for bad debt expense. Note, Eater detits before credits. Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $278,000; (2) up to 120 days past due, $58,000; and (3) more than 120 days past due, $21,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent, (2) 11 percent, and (3) 30 percent, respectively. At December 31 , the end of the current year, the Allowance for Doubtful Accounts balance is $300 (credit) before the end-of-period adjusting entry is made. Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current year. 2. Show how the various accounts related to accounts recelvable should be shown on the December 31 , current year, balance sheet. Complete this question by entering your answers in the tabs below. Show how the various accounts reiated to accounts receivable should be shown on the December 31 , current year, balance sheet. (Amounts to be deducted should be indicated by a minus sign.)