Question 1 The ledger of Blue Company at the end of the current year shows Accounts Receivable $121,000, Sales Revenue $854,000, and Sales Returns and Allowances $31,000 Journalize the following independent situations If Allowance for Doubtful Accounts has a credit balance of $2,800 in the trance, journalize the adjusting entry at December 31, assuming bed debts are expected to be 12% accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tries and Explanation De Cred Dec 31 Question 2 Shemeld Company has accounts receivable of $114,600 st March 31, 2020. Credit terms are 2/10, 1/30. At March 31, 2020, there is a $1,300 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below. Estimated Balance, Percentage Age of Accounts March 31 Uncollectible 2020 2019 Current $75,200 $75,000 1-30 days past due 23,100 5% 31-90 days past due 9,000 2,400 229 Over 90 days past due 7,300 1,100 519 $114,600 $86,500 8,000 Your answer is partially correct. Try again Prepare the adjusting entry at March 31, 2020, to record bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Debit Credit Mari Bad Debt Expense SHOW LIST OF ACCOUNTS