Granite Importers Inc. had the following balances at the end of the year, before the year-end adjustments. (Click the icon to view the balances and aging of accounts receivable schedule.) D 1. Prepare the T-account for Allowance for Doubtful Accounts. 2. Journalize Granite Importers Inc.'s entry to adjust the Allowance account to its correct balance at year end. 3. Repeat requirement 2 assuming that, instead of aging the accounts, the allowance is calculated as 5 percent of the Accounts Receivable balance. 1. Prepare the T-account for Allowance for Doubtful Accounts. (If a box is not used in the T-account, leave the box empty; do not select a label or enter a zero.) Allowance for Doubtful Accounts Beg. Bal. Adj. End Bal. Dec. Debit 2. Journalize Granite Importers Inc.'s entry to adjust the allowance account to its correct balance at year end. (Record debits first, then credits. Exclude explanations f Journal Entry Dec. Date 31 Date Adj. Credit 31 Accounts 3. Repeat requirement 2 assuming that, instead. aging the accounts, the allowance is calculated Journal Entry Debit Accounts Credit Debit Credit 5 percent of the Accounts Receivable balance.

Granite importers inc. had the following balances at the end of the year, before the year-end adjustments: (1) (Click the lcon to viow the balances and aging of accounts recelvable schedule.) 1. Prepare the T-account for Allowance for Doubtful Accounts: 2. Journalize Granite importers inc.'s entry to adjust the Allowance account to its correct balance at year end. 3. Repeat requirement 2 assuming that, instead of aging the accounts, the allowance is calculated as 5 percent of the Accounts Receivable balance. Balances and Aging of Accounts Receivable