Delta Watches completed the following selected transactions dunng 2016 and (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you. Record the transactions in the general joumal. 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 $133,000. Show how net accounts receivable would be reported on the balance sheet at tha date. More info Requireme to the two line of the pnsactions in the general journal. Post Judits. Select the explanation on the last Begin by 1 Dec. 31. method bo. The company uses the allowance P Date 2016 2016 Dec. 31 Estimated that bad debts expense for the year was 1% of credit sales of $420,000 a allowance method 31 Made the closing entry for bad debts expense 2017 Jan. 17 Sold merchandise inventory to Marcus Marquet. 5600, on account. Ignore Cost of G Jun 29 Wrole off Marcus Marquet's account as uncollectible after repeated efforts to collect Aug. 6 Received $600 from Marcus Marquet, along with a letter apologizing for being solat Dec 31 Made a compound entry to write of the following accounts as uncollectible: Bill Kapi 31 Estimated that bad debts expense for the year was 1% on credit sales of $520,000 31 Made the closing entry for bad debts expenso. Dec 31 ir (Adi) CI 1s al Dec 31: M Date Print Done 2016 Dec 31 (Clos) Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance (Post the December 31 entry on the first line of the account thanhhane that in the Thethane at this is the intento the Delta Watches completed the following selected transactions during 2016 and 2017: Date 21 Requirement 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. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, WIO = Writo-off.) Begin by recording the 2016 transactions Dec. 31: Estimated that bad debts expense for the year was 1% of credit sales of $420,000 and recorded that amount as expense. The company uses the allowance method Accounts and Explanation Debit Credit 2016 Dec. 31 (Adi) Accounts Receivable-Bill Kappy P Accounts Receivable-Marcus Marquet Dec 31: Ma Accounts Receivable--Mike Venture Date Debit 2016 Accounts Receivable-Rupert Robertson Dec 31 Allowance for Bad Debts (Clos) ay Bad Debts Expense pi Credit UE5. Cash Post to the t and calculat Income Summary 2017 balang Sales Revenue counts begin with a zero balance. (Post the December 31 entry on the first line of the account Int. Then post the closing entry on the third line of the account and calculate the January 1, so of the account for any zoro balances) Bad Debts Expense 0 0.1 2010 Jan 1 2016 Bal Dec 31: Estimated that bad debts expense for the year was 1% of credit sales of $420,000 and recorded that amount as expense. The company uses the allowance method. Debit Accounts and Explanation Date Credit 2016 Dec 31 (Adi) 31 Dec. 31: Made the closing entry for bad debts expense. Dato Accounts and Explanation Debit Credit 2016 P Dec. 31 (Clos) 11 et Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero batance. (Post the December 31 entry on the first line of the account is and calculate the December 31 balance on the second line of the account. Then post the closing entry on the third line of the account and calculate the January 1 2017 balance on the last line of the account. Enter o on the normal side of the account for any zero balances.) ay Allowance for Bad Debts Bad Debts Expense 0 Jan 1 2016 Bat Jan. 1 2016 Bal 0 Now record the 2017 transactions in the journal Now record the 2017 transactions in the journal. Jan. 17: Sold inventory to Marcus Marquet, $600, on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2017 Jan. 17 Jun 29. Wrote off Marcus Marquet's account as uncollectible after repeated efforts to collect from him. Date Accounts and Explanation Debit Credit 2017 Jun 29 Aug. 6: Received $600 from Marcus Marquet, along with a letter apologizing for being so lato. Reinstated Marquet's account in full and recorded the cash receipt Aug. 6: Received $600 from Marcus Marquet, along with a letter apologizing for being so late. Reinstated Marquet's account in full and recorded the cash receipt. Start by recording the entry to reinstate Marquet's account. Dato Accounts and Explanation Credit Debit 2017 Aug. 6 Now record the $600 received from Marcus Marquet al Date Accounts and Explanation Debit Credit 2017 Aug. Dec. 31: Made a compound entry to write off the following accounts as uncollectible: Bill Kappy, $1,800; Mike Venture, $1,200; and Rupert Robertson, $400. Accounts and Explanation Date Debit Credit 2017 Dec 31 (W/O) Dec 31: Estimated that bad debts expense for the year was 1% on credit sales of $520,000 and recorded the expense. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (Adi) Dec 31: Made the closing entry for bad debts expense Dec. 31: Made the closing entry for bad debts expense. Date Accounts and explanation Debit Credit 2017 Dec. 31 (Clos.) Now enter the January 1, 2017 beginning balances, post the journal entries to the T-accounts, and calculate the a running balance after each transaction the beginning balance on the first line of the each account. Then enter the transactions in the order they are presented in the journal entries. Calculatet 31, 2017 balance before posting the closing entry on the 8th line of the account. Enter "O" on the normal side of the account for any zero balances.) In View the 2017 journal entries. Allowance for Bad Debts Bad Debts Expense 1s ei ay Jun 29 2017 Bal Jun 29 2017 Bal Aug. 6 2017 Bal. Aug. 6 2017 Bal Dec 31 2017 Bal Dec 31 2017 Bal Jan. 1 2018 Bal Jan 1 2018 Bal Requirement 2. Assume the December 31, 2017, balance of Accounts Receivable is $133,000. Show how net accounts receivable would be reported on the balance sheet at that date Balance Sheet (Partial) Current Assets