Phillips Manufacturing sells on account to golf pro shops and general sporting goods retallers. In its financial statements for tho year ended December 31, 2018. Phillips reported the following balances and changes in the Allowance for Doubtful Accounts (In thousands): Required: 1-3. Create a T-account for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. TiP: The. allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance decreases when accounts are written off. 1-b. Write the T-account in equation format to prove that the above items account for the changes in the account. 2. Record summary journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the year. 3. If Phillips had written off an additional $280 (thousand) of accounts recelvable during the period, by how much would Net Recelvables have decreased? How much would Net income have decreased? Complete this question by entering your answers in the tabs below. Create a T-account for the Allowance for Doubtrul Accounts and enter into it the amounts from the above schedule. TP: The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported, The alicwance decyeases when accounts are written off. (Enter your answers in thousands. The balance at the beginning of the year in the Allowance for Doubtful Accounts is a credit balance.) CP8-2 (Algo) Interpreting Disclosure of Allowance for Doubtful Accounts [LO 8-2] Philips Manufacturing sells on account to golf pro shops and general sporting goods retaliers. In its financial statements for the year ended December 31, 2018, Phillips reported the following balances and changes in the Allowance for Doubtful Accounts (in thousandsk: Required: 1-a. Create a T-account for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. Tip: The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance decreases when accounts are written off. 1.b. Write the T-account in equation format to prove that the above items account for the changes in the account. 2. Record summary Journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the year: 3. If Phillips had written off an additional $280 (thousand) of accounts recelvable during the period, by how much would Net Receivables have decreased? How much would Net Income have decreased? Complete this question by entering your answers in the tabs below. Write the T-account in equation format to prove that the above items account for the changes in the account. (Enter your. answers in thousands.) 1-a. Create a T-account for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. TIP: The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance decreases when accounts are written off. 1-b. Write the T-account in equation format to prove that the above items account for the changes in the account. 2. Record summary journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the ye 3. If Phillips had written off an additional $280 (thousand) of accounts recelvable during the period, by how much would Net Receivables have decreased? How much would Net Income have decreased? Complete this question by entering your answers in the tabs below. Record summary journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld. Enter your answers in thousands.) Journal entry worksheet Record the adjusting entry for estimating bad debt expense. 1-a. Create a T-account for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. TiP: The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance decreases when accounts are written off. 1.b. Write the T-account in equation format to prove that the above items account for the changes in the account 2. Record summary journal entries related to (a) estimating bad debt expense and (b) write-offs of specific balances during the year: 3. If Phillips had written off an additional $280 (thousand) of accounts recelvable during the period, by how much would Net Recelvables have decreased? How much would Net Income have decreased? Complete this question by entering your answers in the tabs below. Rocord summary journal entries related to (a) estimating bad debt cxpense and (b) write-offs of specific balances during the year. (If no entry is required for a transactior/event, select "No Journal Entry Required" in the first occount field. Enter your answers in thausands.) Journal entry worksheet Record the adjusting entry for write-offs of specific balances during the year. CP8-2 (Algo) Interpreting Disclosure of Allowance for Doubtful Accounts [LO 8-2] Phillips Manufacturing sells on account to goff pro shops and general sporting goods retallers, in its financial statements for the year ended December 31, 2018, Phillips reported the following balances and changes in the Allowance for Doubtful Accounts (in thousands): Requited: 1-a. Create a T-account for the Allowance for Doubtful Accounts and enter into it the amounts from the above schedule. TIP: The allowance increases when estimates are charged to Bad Debt Expense and when recoveries are reported. The allowance decreases when accounts are written off. 1.b. Write the T-account in equation format to prove that the above items account for the changes in the account. 2. Record summary journal entries related to (o) estimating bad debt expense and (b) write-offs of specific balances during the year. 3. If Phillips had written off an additional $280 (thousand) of accounts recelvable during the period, by how much would Not Receivables have decreased? How much would Net income have decreased? Complete this question by entering your answers in the tabs below. If Phillips had written olf an additional 5280 (thousand) of accounts recelvable during the period, by how much would Net Recelvables have decreased? How much would Net Income have decreased