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PROBLEM II (20 pts) Air King Corp has accounts receivable balance of $150,000 on December 31, 2020, has a debit balance of $1.000 inwoner for Douth Account parts stment, on December 31, 2020. The company uses the ageing of accounts receivable for estimating uncollectible courts. The company estimated uncollectible accounts are as shown below Age of Accounts Dec. 31. 2020 Estimated Uncollectible Current $100,000 IN 1-30 days past due 20,000 10W 31 - 9 days past due 15,000 20 91-180 days past due 10,000 40M Over 180 days past due 5.000 SOM $150,000 During 2021, Air King Corp. Had net credit sales of $1,000,000 and collections of $950,000. It wrote off uncollectible accounts receivable of 19,500. However, $1,500 account previously written off was recovered before the end of the year. Air King Corporation estimates that of its accounts receivable 12/317021 will be uncollectible. REQUIRED A. Prepare the journal entry to record the bad debt expense at 12/31/2020. B. Prepare the journal entries to record sales and collection during 2021. C. Prepare the journal entry to record the write-off of uncollectible accounts during 2021. D. Prepare the journal entries to record the recovery of uncollectible accounts during 2021. E Determine the ending balance of accounts receivable and the unadjusted balance in Hlowance for Doubtful Accounts for at 12/31/2021. F. Prepare the journal entry to record the bad debt expense at 12/31/2021. G. Indicate how the accounts receivable will be reported on the 12/31/2021 balance sheet Attach File Browse Local Files Browse Content Collection