Question 6 of 29 - /1 View Policies Current Attempt in Progress At the end of 2021, Sheridan Company has accounts receivable of $665,400 and an allowance for doubtful accounts of $23,480 1 On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,415. On March 4, 2022, Sheridan Company receives payment of $4 415 in full from Madonna Inc. 2. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit 1 Accounts Receivable 1 Ats View Policies Current Attempt in Progress Blossom Company uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. Accounts receivable are $ 419,300 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 2,941 (a) Prepare the adjusting journal entry to record bad debt expense for the year, (b) If the allowance for doubtful accounts had a debit balance of $ 940 instead of a credit balance of $ 2.941, prepare the adjusting journal entry for bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit No. Account Titles and Explanation (a) w Policies urrent Attempt in Progress Blossom Company uses the percentage-of-receivables basis to record bad debt expense and concludes that % of accounts receivable will become uncollectible. Accounts receivable are $ 419,300 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 2,941. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $ 940 instead of a credit balance of $ 2,941. prepare the adjusting journal entry for bad debt expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Account Titles and Explanation Debit Credit (a)