During the year ended December 31 2017, Kelly's Camera Equipment had sales revenue of $170,000, of which $85,000 was on ch At the start of 2017 Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $ credit balance. Collections of accounts receivable during 2017 amounted to $68,000 Use the following data for 2017 to answer the questions: a on December 10, 2017 a customer balance of $1.500 from a prior year was determined to be uncollectable, so it was written off On December 31, 2017. a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percen credit sales for the year Required 1. Prepare the required journal entries for the two events in December 2017. (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) On December 10, 2017, a customer balance of $1,500 from a prior year was determined to be uncollectable, so was written oft 2. On December 31, 2017, decision was made to continue the accounting policy of basing estimat bad debt losses on 2 percent of credit sales for the year. Yar was Credit Note Journal entry has been entered Clear entry View general Journal Partial Income statement for 2017 Operating expenses Partial Balance sheet for 2017 Current assets 3.a. On the basis of the data available, does the 2 percent rate appear to be reasonable? Yes NO