Name A201 HMWK Chapter 5 Spiceland 5 Page Problem 6 Suzuki Supply reports the following amounts at the end of 20xl (before adjusting entries) Credit sales for 20X1 A/R, 12/31/X1 Allow for Bad Debt 12/31/X1 $ 250,000 45.000 1,000 Credit Required: 1. Record the adjusting entry for uncollectible accounts using the percentage of receivables method. Suruki estimates 10% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage of credit sales method. Suzuki estimates 2% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 20x1 for each method