information:

question 1:

question 2:

question 4:

question 5:

urgent

please kindly answer only question 4 and 5.

thank you!

Use this information to answer questions 1-5. Silvers Ltd. is getting ready to publish their annual financial statements. Silvers has the following beginning balances: Beginning balance for Gross Accounts Receivable (A) $2,000 Beginning balance for Allowance for Doubtful Accounts (XA) $300 Silvers makes $10,000 in credit sales in the current period. Assume that 1% of credit sales are typically not collectible. If the income statement method is used, what are the reported (1) bad debt expense and (ii) ending balance for the allowance for doubtful accounts? Assume that no cash collections were made during the accounting period and continue to assume that $10,000 in credit sales were made in the current period. Suppose that 5% of accounts receivable are typically not collectible. If the balance sheet method is used instead, how does your answer to question (1) change. Specifically, what are the reported () bad debt expense and (ii) ending balance for the allowance for doubtful accounts? D Question 4 5 pts Now suppose that Silvers recorded $50 in write-offs for the current accounting period. What is the bad debt expense from question (1) Record the journal entries for the bad debt expense from question (4) and the $50 write-offs from question (4). Make sure to include the classification of the accounts and clearly label your debits and credits. Edit View Insert Format Tools Table