Joshi Corporation sells on account to golf pro shops and general sporting goods retailers. In its financlal statements for the year ended December 31, 2018, Joshi reported the following balances and changes in the Allowance for Doubtful Accounts (in thousands): Required: 1-a. Create a. Taccount for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. TIP. The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance decreases when accounts are written off. 1.b. Write the T-account in equation format to prove that the above items account for the changes in the account. 2. Record summary journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the year. 3. If Joshi had written off an additional $150 (thousand) of accounts recelvable duting the period, by how much would Net Recelvables have decreased? How much would Net income have decreased? Complete this question by entering your answers in the tabs below. Write the T account in equation format to prove that the above items account for the changes in the account. (Enter vout anwers in thousands.) Joshi Corporation selis on account to goif pro shops and general sporting goods retallers. In its financial statements for the year ended December 31, 2018, Joshi reported the following balances and changes in the Allowance for Doubtrul Accounts (in thousands): Required: 1.a. Create a Taccount for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. TiP: The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance, decreases when accounts are written off. 1-b. Write the T-account in equation format to prove that the above items account for the changes in the account. 2. Record summary journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the year. 3. If Joshi had witten off an additional $150 (thousand) of accounts recelvable during the period, by how much would Net Recelvables have decreased? How much would Net Income have decreased? Complete this question by entering your answers in the tabs below. Recard summary journal entries related to (o) estimating bad debt expense and (b) write-offs of specific balances during the year. (II ap ertiy is required for a transacton/event, select "No Journa Entry Required" in the first account field, Enter your answers in thassands.) Journal entry worksheet Record the adjusting entry for estimating bad debt expense. Note: Enter debits before credits. Journal entry worksheet Record the adjusting entry for write-offs of specific balances during the year. Note: Enter debits before credits
