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Sparkle Watches completed the following selected transactions during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit ex journal entries. Abbreviations used: Adj.-Adjusting entry, Clos.Closing entry, W/O-Write-off) Begin by recording the 2018 transactions in the general jounal Dec. 31: Estimated that bad debts expense for the year was 1% of credit sales of$400,000 and recorded that amount as expense. The company uses the allowance method Debit Date 2018 Dec. 31 (Adj) Accounts and Explanation Credit More Info 2018 Dec. 31 Estimated that bad debts expense for the year was 1% of credit sales of $400,000 and recorded that amount as expense. The company uses the allowance method Made the closing entry for bad debts expense Requirements 31 2019 Jan. 17 Sold merchandise inventory to Marty Viller, $800, on account. Ignore Cost of Jun. 29 Wrote off Marty Viller's account as uncollectible after repeated efforts to collect Aug. 6 Received $800 from Marty Viller, along with a letter apologizing for being so Dec. 31 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance Record the transactions in the general journal (omit explanations), and post to the two T-accounts. Goods Sold. from him 2. Assume the December 31, 2019, balance of Accounts Receivable is $132,000. Show how net accounts receivable would be reported on the balance sheet at that date late. Reinstated Viller's account in full and recorded the cash receipt. Made a compound entry to write off the following accounts as uncollectible Billy Krupp, $1,500; Marie Cuty, $1,400; and Rupert Robertson, S650 Estimated that bad debts expense for the year was 1% on credit sales of $470,000 and recorded the expense Made the closing entry for bad debts expense 31 Print Done 31 PrintDone Choose from any list or enter any number in the input fields and then click Check