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Quiz-Chapter 8 i 2 2 points Problem 8-5A Accounts receivable transactions and bad debt adjustments LO1, 2, 3 Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Dec. 31/19 Balance Part A Accounts Receivable Allowance for Doubtful Accounts 17,200 470,000 During 2020, the following selected transactions occurred: a. Sales totalled $2,860,000, of which 25% were cash sales (cost of sales $1,843,000). b. Sales returns were $110,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $26,000 was recovered. View transaction list No Dec. 31/19 Balance. d. Several accounts were written off: $28,000. e. Collections from credit customers totalled $1,820,000 (excluding the recovery in (c) above). Saved Required: 1. Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts. Transaction View journal entry worksheet General Journal Debit Credit ********** Hel Quiz-Chapter 8 i 2 2 points Part B Required: 2. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 1% of net credit sales. View transaction list No 1 View journal entry worksheet Date December 31 General Journal Saved Bad debt expense Allowance for doubtful accounts Debit Credit Help Quiz-Chapter 8 i 2 2 points 3. Show how accounts receivable will appear on the December 31, 2020, balance sheet. Assets Current assets: Saved Partial Balance Sheet N 2 points Mc Graw Hill 4. What will bad debt expense be on the income statement for the year ended December 31, 2020? Bad debt expense Part C (independent of Part B) Required: 5. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 3% of outstanding receivables. View transaction list Quiz- Chapter 8 i 2 2 points View transaction list Journal entry worksheet 1 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Clear entry +11 Debit Saved 3030 Credit View general journal 2 2 points pter 6. Show how accounts receivable will appear on the December 31, 2020, balance sheet. Assets Current assets: Saved Partial Balance Sheet 7. What will bad debt expense be on the income statement for the year ended December 31, 2020? Mc Graw 7. What will bad debt expense be on the income statement for the year ended December 31, 2020? Bad debt expense OL M 20 (DOLL)