Date Dec 11/16 Bala Accounts Receivable Dubo Cred 450,000 Allowance for Doubtful Accounts D Dec 31/16 Belaw Dube Cuda 11.500 During the year 2017, the following selected tractio Sales totaled $1,700,000, of which 85% were credit sales ont of sales $925,000) Sales returns were $25,000, all repanding An account for $30,000 was recovered sales. The reamed merchandise was scrapped Several accounts we weten off, including one very large account; the total was 20,500 Collected accounts receivable of $1,150,000 (excluding the cover in ab Required Note that Paris independent of Part C. Put A will be the same for both PA Journal transactions (a) through to. You might find it had to post your entries to T-accounts for Accounts Receivable and Allowance for D Accent Part 2 Prepare the December 31, 2017, adjusting entry to emite bad debt aming the collectible accounts and to be 3.5% of 3Show how accounts receivable will appear on the December 31, 2017, at Pant C Prepare the December 31, 2017, adjusting entry to cite bad debts arming the uncollectible accounts and to be 4% of in 3 Slave be accounts recevable will appear on the December 31, 2017, blast. Anwe I Date PC 4 Presentation on the balance sheet 5 Pion on the balance sheet De Credi Date Dec 31/16 Balance Accounts Receivable Debit Credit 450,000 Allowance for Doubtful Accounts Date Dec 31/16 Debit Balance During the year 2017, the following selected transactions occurred: Sales totalled $1,700,000, of which 85% were credit sales (cost of sales $925,000). Sales returns were $25,000, all regarding credit sales. The returned merchandise was scrapped. An account for $30,000 was recovered. Several accounts were written off, including one very large account; the total was 20,500. Collected accounts receivable of $1,150,000 (excluding the recover in c) above). Credit 11,500 1 Required: Note that Part B is independent of Part C. Part A will be the same for both. Part A Journalize transactions (a) through (e). You might find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts Pan B 2 Prepare the December 31, 2017, adjusting entry to estimate bad debts assuming the uncollectible accounts are estimated to be 1.5% of net credit sales 4 Show how accounts receivable will appear on the December 31, 2017, balance sheet. Part C Prepare the December 31, 2017, adjusting entry to estimate bad debts assuming the uncollectible accounts are estimated to be 4% of outstanding accounts receivable. 5 Show how accounts receivable will appear on the December 31, 2017, balance sheet. Answer: 1 Date Part B 2 3 Presentation on the halance sheet Part C 4 S Presentation on the balance sheet Account/Description Debit Credit