Q 11 13 On January 1, 2021, Psyworld Company had accounts receivable of $16,000 and allowance for bad debts had a credit balance of $1,000. During 2021, Psyworld recognized sales revenue of $370,000 ($350,000 on account, $20,000 for cash) and collected $353,000 on account. In addition, Psyworld wrote off $700 uncollectible receivables. The analysis of accounts receivable on December 31, 2021 shows the following results: Age of Receivables 1-30 Days 31-60 Days Over 61 Days Accounts Receivables $9,000 $1,800 ? Estimated percent uncollectible 1% 2% 50% Psyworld estimates bad debts on December 31, 2021. 11. If Psyworld estimates bad debts as 0.5% of credit sales, what is the net realizable value of accounts receivable on December 31, 2021? $10,150 $10,250 $10,350 $10,450 1 points QUESTION 12 12. If Psyworld estimates bad debts as 3% of accounts receivable, what is the bad debt expense for 2021? $69.00 $70.10 $71.20 $72.30 1 points QUESTION 13 13. If Psyworld adopts aging-of-receivables method to estimate bad debts, what is the allowance for bad debts on December 31, 2021? $846 $856 $866 $876