Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction. Post each of the entries bolow to the general ledger T-accounts attached. On December 5, ACME purchased $56,250 of marchandise on account from indiana Corp terms 2/10. Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was ca san and the terms of the sale were 1/15. n/30. On December 14, ACME wrote a check to Indiana Corp for the purchase made on December 5 to take aluantana nf the nurchase discount. On December 15 , Lee Corp requested credit for $500 of defective merchandise included in their December 9 purchase. We granted them an allowance and they disposed of the defective manhandice at nur ranuest. Lee Corp paid their balance due on December 19 , taking the sales discount offered. December 20 ACME issued 50 shares of $10 par stock for $31 per share for cash. Prepare the joumal entry to focord the issuance of stock below. December 20 ACME issued 50 shares of $10 par stock for $31 per share for cash. Prepare the lournal entry to record the issuance of stock below. ACME purchased supplies for $1.350 cash on December 21. On December 21 ACME recelved $1.700 in cash as an advance payment for merchandise to be delivered next month. On Decomber 23 ACME paid in cash the December utility bill of $1,650 On December 23, 2021 the board of directors declared a dividend of $13 per share on its 170 issued and outstanding shares to shareholders of record on January 16, 2022 and payable on February 16. 2022. (Note that the company uses a dividends general ledger account to record its dividend payments during the year rather than recording the dividends directly to retained earnings. Be sure to use that accountl) On December 28 ACME paid their employees \$4.225 for the pay period ending December 23. The salary expense has already been accrued into salaries payable. ACME Distribution, Inc. December 31, 2021 Adjusting Entries Continued 4) The company has estimated, based on historical information, that 4.15% of its accounts receivable will ultimately not be collected. Therefore, they provide an allowance for bad debts at that level. Calculate the estimated amount for the allowance at December 31, 2021 and prepare the adjusting journal entry needed. Accounts receivable balance per the unadjusted trial balance Estimated allowance amount (Round answer to the nearest dollar and show your calculation below for full credit). Amount of adjustment needed to the allowance account (Show your calculation below to receive full credit). Complete below the adjusting journal entry necessary for the allowance for bad debts: Account description Debit Bad debt expense Allowance for bad debts Post the above'entry to the trial balance in the adjustment columns. RCME Distribution: Ine, Trial Balance December 31, 2021 ACUE Distribution, tnc. Trial Balance December 31, 2021 ACME Distribution, inc Trial Balance December 31, 2021 December 31,2121 Cloamportits pategiang fital Byances \begin{tabular}{|l|l|l|l|} \hline Oovit. Crege & Dobit & Ciecit \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} tost each entry individuaily. De not cambine them. Be sure te complete the fotal toe for each column. ACME Distribution, Inc. Income Statement For the Years Ended December 31, 2021 and 2020 ACME Distribution, Inc. Statement of Stockholders' Equity For the Years Ending December 31, 2021 and 2020 Additional ACME Distribution, Inc. Balance Sheet As of December 31, 2021 and 2020 \begin{tabular}{|c|c|} \hline \multicolumn{2}{c}{ December 31, } \\ \hline 2021 & 2020 \\ \hline \end{tabular} Assets Current Assets. Gash Accounts receivable Allowance for bad debts Accounts recelvable-net of allowance Inventory Supplies Prepaid insurance Prepaid rent Total current Assets Property, plant and equipment Office equipment Warehouse equipment Less accumulated Depreciation Net property. plant and equipment Total Assets \begin{tabular}{rrr|} & 35,000 \\ & & 30,000 \\ \hline & 65,000 \\ & 24.000 \\ \hline & 41.000 \\ \hline & & 180,430 \\ \hline \end{tabular} Labilities Current liabilities Accounts Payable Salaries Payable Interest Payable Dividends Payable Unearned revenue Total current liabilities Long-term liability. Bond Payable Total liabilities Stockholders' Equity Common stock, $10 par value, 100,000 shares authorized, 170 and 120 shares issued and outstanding Additional paid-in capital Retained earnings. Total equity Total liabilities and equity After completing the financial statements fincome statement, statement of stockholders equity and balance sheet) prepare the entries to close the books at the end of 202t in preparation of beginning the 2022 accounting year. After preparing the closing entries post them to the trial balance in the closing entries columns and then complete the post-closing columns