Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general joumal (omit explanations), and post to the two T-accounts. (Record debits first, then credits. Exclude explanations from journal entries. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2018 transactions in the general journal. Dec. 31: Estimated that bad debts expense for the year was 1% of credit sales of $470,000 and recorded that amount as expense. The company uses the allowance method. Date Accounts and Explanation Debit Credit 2018 Dec. 31 i Requirements (Adj.) 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general Journal (omit explanations), and past to the two T-accounts. 2. Assume the December 31, 2019, balance of Accounts Receivable is $137,000. Show how not accounts receivable would be reported on the balance sheet at that date. Print Done i More Info Bad tra ff.) 2018 Dec. 31 Estimated that bad debts expense for the year was 1% of credit sales of $470,000 and recorded that amount as expense. The company uses the allowance method. 31 Made the closing entry for bad debts expense. 2019 Jan. 17 Sold merchandise inventory to Malcom Monet, $800, on account. Ignore Cost of Goods Sold. Jun. 29 Wrote off Malcom Monet's account as uncollectible after repeated efforts to collect from him. Aug. 6 Received $800 from Malcom Monet, along with a letter apologizing for being so late. Reinstated Monet's account in full and recorded the cash receipt. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Brandon Kitter, $1,900; Mo Vanez, $1,300; and Roger Hill, $650. 31 Estimated that bad debts expense for the year was 1% on credit sales of $500,000 and recorded the expense. 31 Made the closing entry for bad debts expense. seh Ince Print Done