Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing Account Accounts receivable Debit $66,000 Credit Allowance for doubtful accounts Sales (all on credit) $ 1,060 464,000 Sales discounts 10,000 Required: a. Assume that Demron estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 31, 2023, to estimate uncollectible receivables Answer is complete and correct. No Date General Journal Debit Credit 1 December 31, 202 Bad debt expense 2601 Allowance for doubtful accounts. 260 b. During 2024, credit sales were $601,000 (cost of sales $394,060); sales discounts taken were $14,000, accounts receiv collected were $513,400; and accounts written off during the year totalled $11,600. Prepare the entries to record these trar- Answer is not complete. No Year General Journal Debit Credit 1 2024 Accounts receivable 601,000 Sales 601,000 2 2024 Cost of goods sold 3 2024 Merchandise inventory Sales discounts Cash 394,060 394,060 14,000 2024 Allowance for doubtful accounts Accounts receivable 00 11.600 11.600 c. Record the adjusting entry required on December 31, 2024, to estimate uncollectible receivables, assuming it is based on 2% of receivables. Answer is complete but not entirely correct. No Date General Journal 1 December 31, 202 Bad debt expense Allowance for doubtful accounts Debit Credit 1,460 11,740 d. Show how accounts receivable would appear on the December 31, 2024, balance sheet. Answer is complete but not entirely correct. Partial Balance sheet Assets Current assets: Accounts receivable Less Allowance for doubtful accounts $ 142,000 1,460 $ 143,460