PA8-1 (Algo) Recording Accounts Receivable Transactions Using the Aging Method [LO 8-2] Freeman Good Foods was formed in 2015 with the merger of Rogala Foods Incorporated and ADF Manufacturing. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in millions): Debits Credits Accounts Receivable $1,210 Allowance for Doubtful Accounts $ 34 Sales (assume all on credit) 19,200 Required: 1. Assume Freeman Good 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 Freeman Good Foods uses the aging of accounts receivable method and estimates that $89 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 Freeman Good Foods's uses the aging of accounts receivable method and estimates that $89 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018. for recording Bad Debt Expense assuming Freeman Good Foods's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $29 4. If one of Freeman Good Foods's customers declared bankruptcy, what journal entry would be used to write off its $20 balance View transaction list Journal encry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Note: Enter debits before credits General Journal Debit Credit Date December 29 2018 Record entry Clear entry View general Journal Journal enary worksheet 1 > Record the entry for bad debt expenses under the aging of accounts receivable method. Note: Enter debits before credits General Journal Debit Credit Date December 29 2018 Record entry Clear entry View general Journal Journal entry worksheet