Principles of Financial Acct Abubakar Ali & Homework: CH8 Homework Save Score: 0 of 100 pts 1 of 1 (1 complete) HW Score: 0%, 0 of 100 pts SF8-7 (similar to) Question Help The Accounts Receivable balance for Lakeside, Inc. at December 31, 2023, was $24,000. During 2024, Lakeside earned revenue of $455,000 on account and collected $322,000 on account. Lakeside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2,000 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Bad Debts Expense Allowance for Bad Debts Recorded bad debts expense for the period. Choose from any list or enter any number in the input fields and then click Check Answer. 1 panta Clear All Check Answer remaining