PA8-1 (Algo) Recording Accounts Receivable Transactions Using the Aging Method [LO 8-2] PWW Foods Incorporated was formed in 2015 with the merger of Boyd Companies and B&H Corporation. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in millions): Credits Debits $ 1,180 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 46 18,900 Required: 1. Assume PWW Foods uses 1/2 of 1 percent of sales to estimate Its Bad Debt Expense for the year. Prepare the adjusting Journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. 2. Assume Instead PWW Foods uses the aging of accounts receivable method and estimates that $86 of Its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense. 3. Assume Instead PWW Foods's uses the aging of accounts receivable method and estimates that $86 of its Accounts Receivable will be uncollectible. Prepare the adjusting Journal entry required at December 29, 2018, for recording Bad Debt Expense assuming PWW Foods's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $26. 4. If one of PWW Foods's customers declared bankruptcy, what journal entry would be used to write off its $10 balance? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume PWW Foods uses 1/2 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) Show less View transaction list Journal entry worksheet 1 Record the entry for bad debt expenses under the percentage of credit sales method. Note: Enter debits before credits. Date General Journal Debit Credit December 29 2018 Record entry Clear entry View general journal Required 1 Required 2 > Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Note: Enter debits before credits. Date General Journal Debit Credit December 29, 2018 Record entry Clear entry View general journal View transaction list Journal entry worksheet Journal entry worksheet