Homework: Chapter 8 Warm Up Savo Score: 0 of 20 pts 5 of 6 (4 complete) HW Score: 55,55%, 56,55 of 100 pts Question Help S8-7 (similar to) Assigned Media The Accounts Receivable balance for Field, Inc. at December 31, 2017, was $21,000. During 2018. Field earned revenue of $453,000 on account and collected $329,000 on account. Field wrote of S6,100 receivables as uncollectible Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable Read the requirements Requirement 1. Assume Field had an unadjusted $2.400 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Field's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec 31 Collected cash on account Record sales for the year. Recorded bad debts expense for the period Reinstated previously written off account. Wrote off uncollectible accounts. Requirements 1. Assume Field had an unadjusted $2,400 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Field's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. Assume Field had an unadjusted $2,000 debit balance in Allowance for Bad Debts at December 31, 2018. Journalize Field's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method. 2. Print Done