requirement 1 & 2

The Accounts Receivable balance for Loweside, Inc: at Decentier 31, 2023, was $21,000. Durieg 2024, Lakeside eamed reverue of $453,000 on account and collected $327,000 on account. Lakeside wrole of $5,700 mocoivebles as uncolectale. Industry experitnce suggests that unoollectble accounts will amount to 3% of account receirabie. Resd the reguirements. debts expense using the percent-offeceivabies method. (Recoed debts font, thon credts. Select the epplanaton on the last ine of the journal entry tables. Check your spelilitg raretily and ds nod abbreviata.) Requirements 1. Assume Lakeside had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Lakeside had an unadjusted $1,400 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lakeside's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method