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Problem #4-Bad Debt Adjustments using 2 methods: Percentage of Sales Method and (2) The Percentage of ( 1 ) The 1 Receiveables Method The Trial Balance before adjustment of Risen Company reports the following balances Debit Credit Trial Balance information: $ 120,000 Accounts Receivable Allowance for doubtful accounts Sales (all on credit 730 510,000 10 Sales returns and allowances 8,000 Instructions: Prepare the adjusting journal entries assuming that the estimate of uncollectibles is determined by taking (1) 1% of net sales, OR (2) 5% of gross accounts receivable. 14 15 Date Description Debit Credit 19 20 21 Part 1 Part 2 23 24 25 26 27