Hi ! just wondering how they got bad debt expense 12,748 and allowance for doubtful accounts. just wondering where this number came from

ated 922119 6 at 113 924113 Assets Equit Liabilities Owner's Capital Retained Earnings Profit Ove Revenue Total Cash Accounts Receivable Allowance for doubtful Accounts payable Owner's Capital Retained Earnings(Deficit) Account Sales Revenue BE Sales Discount lic do Sales returns Bad debt expense and - 17,800 962,734 Opening balances n/a Trans. 1 Trans. 2 Trans. 3 914,594 Trans. 4 Trans. 5 17,525 Trans. 6 -35,621 148,570 962,734 -35,621 -914,594 -24,158 7,525 -7,525 24,158 -7,525 -12.748 12,748 Totals: n/a 136,930 -13,915 0 0962,734 0 -35,621 12,748 If you calculate the outstanding accounts receivable as a percentage of net sales that were made on credit, what percentage of credit sales has not, as yet, been collected? 136,930 / 927,113 = 14.8% 9 22 119 Assume the percentage you calculated in 2020 was 13.9% and in 2019 was 12.8%. Would th corn you? Why or why not? In this Speech A Accessibility Language Show Comments Comments Track Changes Show Markup Reviewing Pane Previous Next Accept Rejed Practice Questions Trading Changes NOTE TO STUDENTS - SOLUTIONS TO THESE QUESTIONS ARE PROVIDED IN A SEPARATE FILE. Don't peek - try the problems on your own first! PQ7-1 The following summary business activities were recorded in the fifth year of operations for Magenta Inc., a merchandising business in Ontario. Their yearend was December 31, 2021. Record each of the business activities, if required, in the expanded accounting equation using account names. Answer the questions that follow the chart. Trans. # Opening Balances Amount $962,734 $35,621 Description Accounts receivable, $148,570, Allowance for Doubtful Accounts, S-17,800. Total sales during the year. Terms are n/35. Products are returned by customers due to errors in shipping quantities or type of products. Cash collections of accounts receivable. Write off of accounts receivables that are determined to be uncollectable. Two customers who were previously written off send in a cheque. The business estimates the uncollectable accounts receivable using the aging schedule, provided below. $914,594 $24,158 $7,525 Drecut English (Canada) rch yuuge Comments Tracing Changes Category Amount Estimated Uncollectable Estimated Allowance for Doubtful Accounts 1% 5% Current 1 - 30 days overdue 31 - 60 days overdue 61 - 90 days overdue Over 90 days overdue Total 60,500 34,740 19,600 14,850 7,240 136,930 16% 30% 55% Equity Retained Earnings Profit Assets Liabilities Owner's Capital Revenue Expense ital ings