Inc. uses the allowance method for bad debts and adjusts the allowance for uncollectible accounts to a desired amount based on an aging of accounts receivable. At the beginning of 2011, the allowance account had a balance of $(23 comma 00023,000). During 2011, credit sales totaled $ 450 comma 000$450,000 and receivables of $ 17 comma 000$17,000 were written off. The year-end aging indicated that a $ 24 comma 000$24,000 allowance for uncollectible accounts was required. Requirements 1. Record the transactions (including the beginning balances) into the accounting equation. 2. What is the bad debts expense for 2011? 3. What information will be disclosed on the balance sheet at year end? 4. What information does this provide someone who is evaluating the firm's annual performance? Requirement 1. Record the transactions LOADING... (including the beginning balances) into the accounting equation. Some account names will be abbreviated . Enter the beginning balance for the allowance account. Then record the transactions into the accounting equation. (Round your calculations to the nearest dollar. Use parentheses or a minus sign when decreasing components or entering contra account balances and increases to those accounts. Leave unused cells blank, including accounts with a zero balance.) Shareholders' Equity Assets = Liabilities + Contributed Capital + Retained Earnings $ Account $ Account $ Account $ Account Beg. bal AR = + + Allow. = + + 1. AR = + + = + + 2. = + + = + + 3. = + + = + + Requirement 2. What is the bad debts expense for 2011? (Enter as a positive number.) The bad debt expense for 2011 is $ nothing. Requirement 3. What information will be disclosed on the balance sheet at year end? The year end balance sheet will report Accounts receivable, net the allowance for uncollectible accounts of $24,000 Allowance for uncollectible accounts of $24,000 Bad debt expense of $18,000 Gross accounts receivable . Requirement 4. What information does this provide someone who is evaluating the firm's annual performance? The information that is disclosed on the balance sheet shows the amount the company

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