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Current Attempt in Progress The December 31, 2021, balance sheet of the Blue Spruce Corp. had Accounts Receivable of $670,000 and a credit balance in

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Current Attempt in Progress The December 31, 2021, balance sheet of the Blue Spruce Corp. had Accounts Receivable of $670,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,564,000; sales returns and allowances, $150,000; collections from customers, $1.290,000; accounts written off, $37.000; previously written off accounts of $8,000 were collected, Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accounts Receivable 1.564,000 Sales Revenue 1.564,000 (To record credit sales) Sales Returns and Allowances Accounts Receivable 150,000 (To record credits to customers) Cash 150.000 1.290.000 Accounts Receivable 1,564,000 1,564,000 Sales Revenue (To record credit sales) Sales Returns and Allowances 150,000 Accounts Receivable (To record credits to customers) 150,000 Cash 1,290,000 1.290,000 Accounts Receivable (To record collection of receivables) Allowance for Doubtful Accounts 37.000 37.000 Accounts Receivable (To write off specific accounts) Accounts Receivable 8,000 Allowance for Doubtful Accounts (To reverse write-off of account) 8.000 Cash 8,000 Accounts Receivable 8.000 If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 9% of accounts receivable, what is the adjusting entry at December 31, 2022? (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Dec. Bad Debt Expense Allowance for Doubtful Accounts 31 List of Accounts

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