EX 9-17. Entries for bad debt expense under the % of sales and % of receivables methods. Obj. 5 Casebolt Company recorded the following transactions during the current year of operations ending December 31: Jan 31, wrote off Shawn Brooke, Inc., as uncollectible, $4,650 Mar. 12, wrote off Eve Denton Co. as uncollectible, $5,180 July 18, wrote off Molloy Imaging as uncollectible, $11,050 Aug. 15, reinstated Eve Denton Co. and received full payment of $5,180 Nov. 3, wrote off Yost Supplies as uncollectible, $9,120 Dec. 16, reinstated Molly Imaging, receiving full payment of $11,050 The company recorded $5,250,000 of credit sales during the year, the Accounts Receivable balance is $1,100,000. Allowance for Dbubtful Accounts had a credit balance of 22,000 on Jan. 1 of the current year. INSTRUCTIONS: Journalize the transactions and post to the affected accounts, then calculate the adjusting entry and update the balance in Accounts for Doubtful Accounts under the following scenarios: A. Casebolt estimates 1/2 of 1% of sales will be uncollectible. B, Cirebolt estimates $30,000 of receivables will be uncollectible