Question 16 Not yet answered Marked out of 1.00 Flag question Modern office has 3381050 of credit sales for the year and 55159 of outstanding account receivable and 1263 balance of allowance for doubtful account'AFDA) on December 31. Modern Office estimates that either 0.1% of credit sales or 8% or outstanding account receivable will not be collectible and wants to set up an AFDA How much is bad debt expense for the year under the Percentage of Sales (Income Statement) Approach? ROUND ALL ANSWERS TO 2 DECIMAL PLACES Answer: Question 17 Not yet answered Marked out of 100 Flag question How much is the bad debt expense for the year under the Percentage of Account Receivable (Balance shoot) Approach? ROUND ALL ANSWERS TO 2 DECIMAL PLACES Answer: Question 18 Not yet answered Marked out of 2.00 Flag question Journalize the following: 1. adjustments needed for the AFDA using the balance sheet approach. 2 write off of an account receivable for $500 TO RECEIVE MARKS YOU MUST USE THE FOLLOWING FORMAT FOR JOURNALS Dr. Cash 100 Cr. revenue 100