experience suggests that uncollectible accounts will amount to $5\%$ of accounts receivable.

Read the requirements. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Dec$.31,,,],[,,,],[,,,],[,,,]]$

Requirements

Assume Lake had an unadjusted $$2,700$ credit balance in Allowance for Bad Debts at December $31,2024.$ Journalize Lake's December $31,2024,$ adjustment to record bad debts expense using the percent$-$of$-$receivables method.

Assume Lake had an unadjusted $$2,400$ debit balance in Allowance for Bad Debts at December $31,2024.$ Journalize Lake's December $31,2024,$ adjustment to record bad debts expense using the percent$-$of$-$receivables method.