Exercise 7-11 (Algo) Uncollectible accounts; allowance method vs. direct write-off method [LO7-5, 7-6] Johnson Company calculates its allowance for uncollectible accounts as 5% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $12.000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $200,100, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 22,000. Required: 1. What was the balance in gross accounts receivable as of 12/312020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021? Required 1 Required 2 Required 3 Required 4 What was the balance in gross accounts receivable as of 12/31/2020? Balance in gross accounts receivable (Required Required 2 > Required 1 Required 2 Required 3 Required 4 What was the balance in gross accounts receivable as of 12/31/2020? Balance in gross accounts receivable Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 What journal entry should Johnson record to recognize bad debt expense for 2021? (If no entry is required for a transaction/ select "No journal entry required in the first account field.) 38 View transaction list Journal entry worksheet Record the entry to recognize bad debt expense for 2021. Note: Enter debits before credits. Year General Journal Debit Credit 2021 10 Required 1 Required 2 Required 3 Required 4 Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. Amount of accounts receivable written off Required 2 Required 1 Required 3 Required 4 es If Johnson Instead used the direct write-off method, what would bad debt expense be for 2021? Bad debt expense for 2021 KO