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The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H. J. Heinz Corporation. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in millions): Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) ) Debits Credits $ 2,138 $ 24 26, 380 Required: 1. Assume Kraft Heinz uses 12 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. 2. Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense. 3. Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense assuming Kraft Heinz's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $20. 4. If one of Kraft Heinz's customers declared bankruptcy, what journal entry would be used to write off its $15 balance? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume Kraft Heinz uses 12 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) Show less View transaction list Journal entry worksheet > Record the entry for bad debt expenses under the percentage of credit sales method. Note: Enter debits before credits. General Journal Debit Credit Date December 29, 2018 Record entry Clear entry View general journal Prow Neyt The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H. J. Heinz Corporation. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in millions): Debits Credits Accounts Receivable $ 2,130 Allowance for Doubtful Accounts $ 24 Sales (assume all on credit) 26,380 Required: 1. Assume Kraft Heinz uses 12 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. 2. Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense. 3. Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018. for recording Bad Debt Expense assuming Kraft Heinz's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $20. 4. If one of Kraft Heinz's customers declared bankruptcy, what journal entry would be used to write off its $15 balance? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Round your answers to the nearest whole number.) Show less View transaction list Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Note: Enter debits before credits Date General Journal Debit Credit December 29 2018 Record entry Clear entry View general journal The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H. J. Heinz Corporation. The company reported the following rounded amounts for the year ended December 29, 2018 (all amounts in millions): Debits $ 2,130 Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 24 26,300 Required: 1. Assume Kraft Heinz uses V2 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad Debt Expense has been recorded yet. 2. Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense. 3. Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018. for recording Bad Debt Expense assuming Kraft Heinz's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $20. 4. If one of Kraft Heinz's customers declared bankruptcy, what journal entry would be used to write off its $15 balance? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume instead Kraft Heinz uses the aging of accounts receivable method and estimates that $80 of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 29, 2018, for recording Bad Debt Expense assuming Kraft Heinz's unadjusted balance in Allowance for Doubtful Accounts at December 29, 2018, was a debit balance of $20. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in millions (ie., 10,000,000 should be entered as 10).) Show less View transaction list Journal entry worksheet Record the write-off of a certain customer account totaling $15 which is not collectible due to bankruptcy declared by the customer. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal