OBJECTIVE 4 Brief Exercise 5-44 Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial planning services in 2019. Each rvices in 2019. Each cus- tomer paid King $25,000 for receiving King's assistance. King estimates that 2% of its so Kine estimates that 2% of its $675.000 credit sales in 2019 will be uncollectible. During 2020. King wrote of $2.700 related to set performed in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. 2. Prepare the adjusting entry to record the bad debt expense for 2019, OBJEC Exercise 6-43 Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting reco obtained from the accounting records of Steed Company: 2017 2019 2018 (d) Beginning inventory (b) S 9,600 $51,100 Net purchases $55,300 (a) 13,750 Ending inventory (c) 11,200 44,500 49,800 Cost of goods sold Required: Compute the missing amounts