= Homework: Assignment #4 - Assets Question 2, Problem 9-2 Part 1 of 15 HW Score: 0%, 0 of 70 points O Points: 0 of 35 Save Matthew Co. completed the following selected transactions during 2019 and 2020 (Click the icon to view the transactions.) Required Requirement 1. Record the transactions in the general joumal, and post to the general ledger accounts for Allowance for Doubtful Accounts and Bad Debt Expense Keep running balances (Record debits first, then credits. Exclude explanations from journal entries. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, WIO = Write-off. Round amounts to the nearest cent as needed.) Begin by recording the 2019 transactions in the general journal. Dec 31. Estimated that bad debt expense for the year was 4 percent of credit sales of $383,500 and recorded that amount as expense Date Accounts and Explanation Debit Credit 2019 Dec 31 (Adj) Transactions 2019 Dec 31 Estimated that bad debt expense for the year was 4 percent of credit sales of $383,500 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 2020 Mar. Sep . 26 Sold inventory to Molly Marquet, $10,200.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. 15 Wrote off Molly Marquet's account as uncollectible after repeated efforts to collect from her 10 Received $5,750 from Marquet, along with a letter stating her intention to pay her debt in full within 30 days. Reinstated her account in full. 5 Received the balance due from Marquet. 31 Made a compound entry to write off the following accounts as uncollectible Brian Kemper $2,000. May Milford, $870.00, and Rick Johnson, $11,010 31 Estimated that bad debt expense for the year was 3 percent of credit sales of $840.000 and recorded the expense. 31 Made the closing entry for the bad debt expense Dec Dec Print Done Required feep running bala t cent as needed 1. Record the transactions in the general journal, and post to the general ledger accounts for Allowance for Doubtful Accounts and Bad Debt Expense. Keep running balances 2. The December 31, 2020, balance of Accounts Receivable is $138,000. Show how accounts receivable would be reported at that date. 3. Assume that Matthew Co. begins aging accounts receivable on December 31, 2020. The balance in Accounts Receivable is $138,000, the credit balance in Allowance for Doubtful Accounts is $26.660.00, and the company estimates that $28,000 of its accounts receivable will prove uncollectible. a. Make the adjusting entry for uncollectibles b. Show how Accounts Receivable will be reported on the December 31, 2020, balance sheet after this adjusting entry. Print Done