During the year ended December 31,2021 , Kelly's Camera Shop had sales revenue of $185,000, of which $92,500 was on credit At the start of 2021 , Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $630 credit balance. Collections of accounts recelvable during 2021 amounted to $71,000. Data during 2021 follow: a. On December 10, a customer balance of $1,650 from a prior year was determined to be uncollectible, so it was written oft. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit soles for the year. Required: 1. Give the required journal entries for the two events in December. 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement. 2-b. Show how the anounts related to Accounts Recelvable would be reported on the-balance sheet. 3. On the basis of the data avallable, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. Give the required journal entries for the two events in December. (If no entry is required for a transoctson/event, select "No Journal Entry Plequired in the first account field.) The following transactions took place for Parker's Grocery. a. January 1 Loaned $45,600 to cashiers of the company and received back one-year, 8 percent notes. b. June 30 Accrued interest on the notes. c. Decenber 31 Received interest on the notes. (No interest has been recorded since June 30.) d. December 31 Received principal on the notes. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information [The following information applies to the questions displayed below] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current yeat, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quartec, the company switched to the aging of accounts receivable method. The company entered into the following partiallist of transactions during the first quarter. a. During January, the company provided services for $39,000 on credit. b. On January 31 , the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $19,500 of accounts receivable d. On February 15 , the company wrote off $200 account receivable. e. During February, the company provided services for $29,000 on credit. f On February 28 , the company estimated bad debts using 2 percent of credit sales. g. On March 1, the company loaned $2,000 to an employee, who signed a 6% note, due in 6 months. h. On March 15, the company collected $200 on the account written off one month earlier. 1. On March 31, the company accrued interest earned on the note. 1. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts has an unadjusted credit balance o $1,190 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 3t. (Do not round intermediate calculations.) During the year ended December 31,2021 , Kelly's Camera Shop had sales revenue of $185,000, of which $92,500 was on credit At the start of 2021 , Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $630 credit balance. Collections of accounts recelvable during 2021 amounted to $71,000. Data during 2021 follow: a. On December 10, a customer balance of $1,650 from a prior year was determined to be uncollectible, so it was written oft. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit soles for the year. Required: 1. Give the required journal entries for the two events in December. 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement. 2-b. Show how the anounts related to Accounts Recelvable would be reported on the-balance sheet. 3. On the basis of the data avallable, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. Give the required journal entries for the two events in December. (If no entry is required for a transoctson/event, select "No Journal Entry Plequired in the first account field.) The following transactions took place for Parker's Grocery. a. January 1 Loaned $45,600 to cashiers of the company and received back one-year, 8 percent notes. b. June 30 Accrued interest on the notes. c. Decenber 31 Received interest on the notes. (No interest has been recorded since June 30.) d. December 31 Received principal on the notes. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required information [The following information applies to the questions displayed below] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current yeat, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quartec, the company switched to the aging of accounts receivable method. The company entered into the following partiallist of transactions during the first quarter. a. During January, the company provided services for $39,000 on credit. b. On January 31 , the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $19,500 of accounts receivable d. On February 15 , the company wrote off $200 account receivable. e. During February, the company provided services for $29,000 on credit. f On February 28 , the company estimated bad debts using 2 percent of credit sales. g. On March 1, the company loaned $2,000 to an employee, who signed a 6% note, due in 6 months. h. On March 15, the company collected $200 on the account written off one month earlier. 1. On March 31, the company accrued interest earned on the note. 1. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts has an unadjusted credit balance o $1,190 Show how Accounts Receivable, Notes Receivable, and their related accounts would be reported in the current assets section of a classified balance sheet at the end of the quarter on March 3t. (Do not round intermediate calculations.)