Requirement. The actor Alowance for det and Bad Dette pense have been opened to you, then begin with a pro balance Record the transactions in the genera unaon and post ta the two account on the credit for tomou Aitone A Aby Cloe Closery WOW Begin tycording the 2018 cara De Bed and expense for the year was of credit as of 410.000 and recorded the mount as expense the company at the towance method Date Accounts and Explanation Deba N18 ( Debit Credit Dec 31 Made the doorgy for bedre Date Accounts and Explanation 2011 Dec 31 Now record the 2019 transactions in the general Journal Jan 17: Sold inventory to Michael Smith, $800, on account. Ignore Cost of Goods Sold Dato Accounts and Explanation Debit Credit 2019 Jun 29: Wrote of Michael Smith's account as uncollectible after repeated efforts to collect from him. Date Accounts and Explanation Debit Credit 2019 Jun 20 Aug. 6: Received 5800 from Michael Smith, along with a letter apologizing for being solate, Reinstated Smith's account in and recorded the cash receipt. Start by recording the entry to reinstate Smith's account Accounts and Explanation Debit Credit 2019 Aug. 6 Date Now record the $800 ricnived from Michael Smith Date Accounts and Explanation Debit Credit 2019 Aug 6 Dec 31: Midea compound entry to write off the following accounts as uncollectible: Brian Kemper, $2,000, Martha Manny, 51,000, and Rick Johnson, 5100 Accounts and explanation Credit Date Debit 2019 Dec. 31 (WIO) Dec 31: Eutimated that bad debts expense for the year was 3% on credit sales of $500,000 and recorded the expense. Accounts and Explanation Date Debit Credit 2019 Dec 31 (Adj) Dec 31: Made the closing entry for bad debts expense. Dec. 31: Made the closing entry for bad debts expense Date Accounts and Explanation Debit Credit 2019 Dec. 31 (Clos) Now post the transactions to the two Taccounts. (Enter "o on the normal side of the account for any zaro balances.) Review the journal entries Allowance for Bad Debts Bad Debts Expense Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 2. Assume the December 31, 2019, balance of Accounts Receivable is $139,000. Show how not accounts receivable would be reported on the balance shoot at that a Balance Sheet (Partia: Current Assets More Info 2018 Dec. 31 Estimated that bad debts expense for the year was 3% of credit sales of $460,000 and recorded that amount as expense. The company uses the allowance method. Made the closing entry for bad debts expense. Dec. 31 2019 Jan. 17 Jun. 29 Aug. 6 Sold merchandise inventory to Michael Smith, $800, on account. Ignore Cost of Goods Sold. Wrote off Michael Smith's account as uncollectible after repeated efforts to collect from him. Received $800 from Michael Smith, along with a letter apologizing for being so late. Reinstated Smith's account in full and recorded the cash receipt. Made a compound entry to write off the following accounts as uncollectible: Brian Kemper, $2,000; Martha Manny, $1,000; and Rick Johnson, $100. Estimated that bad debts expense for the year was 3% on credit sales of $500,000 and recorded the expense. Made the closing entry for bad debts expense. Dec. 31 Dec. 31 Dec. 31 Print Done