Lab 1-Week 2 Accounts Receivable Bad Debts Recording Bad Debt -Percentage of sales -Aging of receivables Write off Bad Debt Recovery of Bad Debt QS 8-1Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system): a. On March 1, Kimmel Company sold $40,000 of merchandise costing $32,000 on credit terms of n/30 to JP Holdings. b. On March 27, JP Holdings paid its account in full. QS 8-5Adjusting entry to estimate bad debts- percentage of sales LO2,3 Lexton Company uses the allowance method to account for uncollectible accounts receivable. At year-end, October 31, it was estimated that 0.6% of net credit sales were uncollectible based on past experience. Net sales were $690,000, of which 2/3 were on credit. Record the entry at year-end to estimate uncollectible receivables. QS 8-6Adjusting entry to estimate bad debts- aging of receivables LO2,3 Dim Sum Foods has accounts receivable of $260,000 and the allowance for doubtful accounts has a credit balance of $6,000. Based on analyzing the aging of the accounts receivable, management determined that the appropriate ending balance in the allowance for doubtful accounts at year-end, December 31, should be $26,000. a. Draw a T-account for the allowance for doubtful account and fill it in with all of the given information. b. Determine the amount of bad debt expense that needs to be recorded. c. Prepare the adjusting journal entry to record the estimated bad debts at year and