Jeff Whiteheart Practice questions - Excel File Home Insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do Out Calibri 11 A A Wrap Text General Copy Paste BIU. = = = Merge & Center - %" Format Painter Clipboard Font Alignment Number A27 2 Liam Roy LR AutoSum Formatting Conditional Format as Cell Table Styles" Insert Delete Format Clear Sort & Find & Filter Select Styles Cells Editing 3) Prepare any journal entries required at December 31, 20x1 to record bad debt expense for the year. A B Excel Inc. has provided the following information relating to its sales for the past year, which 3 ended December 31, 20x1. 4 5 6 Estimated % of accounts receivable that will be uncollectable 4% 7 8 Opening Balances: 9 Jan. 1, 20x1 balance in the allowance for doubtful account $2,000 cr 10 (this is before any adjusting entries) 11 12 Jan. 1, 20x1 balance in the accounts receivable account 13 14 During 20x1: 15 Credit sales (20x1) 16 Write offs of uncollectible accounts receivable (20x1) 17 Collections of previously written off amounts (20x1) 18 Cash received in payment of accounts receivable (20x1) 19 20 $37,000 dr $450,000 $6,200 $900 $426,000 21 Required- 22 23 1) Calculate the balance in the Accounts Receivable account at December 31, 20x1. 24 25 2) Calculate the balance in the Allowance for Doubtful Accounts at December 31, 20x1. 26 27 3) Prepare any journal entries required at December 31, 20x1 to record bad debt expense for the year. 28 29 Q1 25 mins Q2 25 mins Q3 15 mins Q4 15 mins Q25 15 mins Q26 25 mins Edit Accessibility: Investigate C D E Account Debit F G H Credit # Share J K L M ENG CMS 3:08 PM 2022-04-18 100%