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E8-3 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method (LO 8-2) During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $190,000, of which $95,000 was on credit. At the start of 2021, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $640 credit balance Collections of accounts receivable during 2021 amounted to $72,000, Data during 2021 follow: a on December 10, a customer balance of $1,700 from a prior year was determined to be uncollectible, so it was written off b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year Required: 1. Give the required journal entries for the two events in December 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 Give the required journal entries for the two events in December. (If no entry is required for a transaction/event, select "No Journal Entry Reg 1 Reg 2A Req 28 Req3 Give the required journal entries for the two events in December (If no entry is required for a transaction/event, select 'No Journal Entry Required in the first account field.) View transaction lit Journal entry worksheet Record the write-off of a certain customer al count from a prior year which is not collectible totaling $1,700 Note: Enter debits before credits General Journal Debit Credit Data December 10, 2021 View general Journal Record entry Clear entry Reg 1 Req 2A Req 2B Reg 3 Give the required journal entries for the two events in December. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the estimated bad debt losses at 2 percent of credit sales for the year, Note: Enter debits before credits Debit General Journal Date Credit December 31, 2021 View general Journal Record entry Clear entry 2.b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. 17 Reg 1 Reg 2A Reg 28 Req3 Show how the amounts related to Bad Debt Expense would be reported on the income statement + Kelly's Camera Shop Income Statement (partial) Year ending December 31, 2021 Operating Expenses 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Req3 Show how the amounts related to Accounts Receivable would be reported on the balance sheet. Kelly's Camera Shop Balance Sheet (partial) At December 31, 2021 Current Assets Required: 1. Give the required journal entries for the two events in December 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2.b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Reg 3 On the basis of the data available, does the 2 percent rate appear to be reasonable? Does the 2 percent rate appear to be reasonable?