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please help me with all requirements for #3!! Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each

please help me with all requirements for #3!! image text in transcribed
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account recelvable is aged on the basis of three time periods as follows: (1) not yet due, $15,000, (2) up to 120 days past due, $8,000; and (3) more than 120 days past due, $3,000. Experience has shown that for each age group, the average loss rate on the amount of the recelvables at year-end due to uncollectibility is (1) 3 percent, (2) 11 percent, and (3) 20 percent, respectively. At December 31 (end of the current year), the Allowance for Doubtful Accounts balance is $750 (credit) before the end-of-period adjusting entry is made Data during the current year follow: a. During December, an Account Recelvable (Pattys Bake $ Shop) of $700 from a prior sale was determined to be uncollectible: therefore, it was written off immediately as a bad debt b. On December 31 , the appropriate adjusting entry for the year was recorded, Required: 1. Give the required journal entries for the two items listed above. 2. Show how the amounts related to Accounts Recelvable and Bad Debt Expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations. Answer is not complete. Complete this question by entering your answers in the tabs below. Give the required journal entries for the two items listed above. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account fleid.)

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