Holly Supplies uses the allowance method in accounting for uncollectible accounts with the estimate based on an aging of accounts receivable. The company had the following account balances on November 30, 2020: $ 1,940,000 59,000 Accounts Receivable Allowance for Doubtful Accounts (credit balance) The following transactions took place during the month of December 2020: Click the icon to view the transactions.) Required Requirement 1. Record the transactions in the general journal. Dec. 2. Austin Clemens, who owes $46,000, is unable to pay on time and has given a 20-day, 9-percent note in settlement of the account. (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Dec. Dec. 6. Received from Al Klassen the amount owed on a November 6 dishonoured note, plus extra interest for 30 days at 13 percent computed on the maturity value of the note ($15,300). This dishonoured note had been converted to an Account Receivable on November 6. (Record debits first, then credits. Exclude explanations from journal entries. Round your answers to two decimal places.) General Journal accounts receivable. The company ha actions -X 2 Austin Clemens, who owes 846,000, is unable to pay on time and has given a 20-day, 9-percent note in settlement of the account 6 Receved from AJ Kessen the amount owed on a November 6 dishonoured note, plus extra interest for 30 days at 13 percent computed on the maturity value of the note (S15300). This dishonoured note had been converted to an account recevable on November 6. 8 Receved notice that a customer Willie Rze) has filed for bankruptcy. Pas owes $39.000. The courts will confirm the amount recoverable at a later date. 11 Determined the account recevable for Sara Keppel (58200) was uncollectible and wrote it of 18 Receved a chegue from the courts in the amount of $26.500 as final sertlement of Rae's account 2 Clemens pd the note receved on December 2 26 Determines the assunt recevable for Davey Price (59 200) was uncollectible and wrap it on. 31 Sales for the month toated 5747,000 (of which 85 percent were on account) and colcons on account totalled S520.000 Print Done counts (credit balance) 59,000 Required - 1. Record the above transactions in the general journal. 2. What would be the adjusting entry required on December 31 if the company used the percent-of-sales method with an estimate of uncollectibles equal to 7 percent of sales on account? 3. Which of the two methods of estimating uncollectible accounts would normally be more accurate? Why? Print Done El Klassen the amount owed on a November 6 dishonoured note, plus extra interest for 30 days at 13 percent computed 00). This dishonoured note had been converted to an Account Receivable on November 6. (Record debits first, then cre rnal entries. Round your answers to two decimal places.) General Journal