During the current Year, Bob's Ceramics Shop had sales revenue of $162,000, of which $66,000 was on credit. At the start of the current year, Accounts Receivable showed a $22,000 debit balance, and the Allowance for Doubtful Accounts showed a $900 credit balance. Collections of accounts receivable during the current year amounted to $55,000 Data during the current year follows: a. On December 31, an Account Receivable (Toby's Gift Shop) of S2,000 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. b. On December 31, on the basis of experience, a decision was made o continue the accounting policy of basing estimated bad debt losses on 3.0 percent of credit sales for the year. Required: 1. Prepare the required journal entries for the two items on December 31, end of the accounting period. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 On December 31, an Account Receivable (Toby's Gift Shop) of $2,000 from a prior year was determined to immediately as a bad debt. uncollectible: therefore, it was written off Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal EPIC During the current Year, Bob's Ceramics Shop had sales revenue of $162,000, of which $66,000 was on credit. At the start of the current year, Accounts Receivable showed a $22,000 debit balance, and the Allowance for Doubtful Accounts showed a $900 credit balance. Collections of accounts receivable during the current year amounted to $55,000 Data during the current year follows: a. On December 31, an Account Receivable (Toby's Gift Shop) of S2,000 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. b. On December 31, on the basis of experience, a decision was made o continue the accounting policy of basing estimated bad debt losses on 3.0 percent of credit sales for the year. Required: 1. Prepare the required journal entries for the two items on December 31, end of the accounting period. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 3 percent of credit sales for the year. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal EPIC