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* Question 16 The account balances of Crane Company at December 31, 2021, the end of the current year. show Accounts Receivable $136,800; Allowance for Doubtful Accounts $1,700 (credit); Sales $1,091,200; Sales Returns and Allowances $50,000; and Sales Discounts $15,200. * Question 16 Your answer is correct. Record the adjusting entry at December 31, 2021, assuming bad debts are estimated to be (1) 10% of accounts receivable, and (2) 1.5% of net sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Cw tion 3 11900 No Date A The Explomat (1) Dec. 31" sad Debt Expense Allowance for Doubtful Accounts (To record estimate of uncollectible accounts.) (2) Dec 31 Bad Debt Expense Allowance for DoubtfACCOUNT (Te record estimate of uncollectible accounts.) us 530 Attempts of 15 usd * Question 16 Your answer is correct. Calculate the carrying amount of the accounts receivable for each approach to estimating uncollectible accounts in part (a) above. 23120 (1) Carrying amount (2) Carrying amount 119219 Attempts: 6 of 15 used * Question 16 Your answer is correct. Assume instead that the Allowance for Doubtful Accounts had a debit balance of $2,000 at December 31, 2021. What is bad debt expense for 2021, and what is the carrying amount of the accounts receivable at December 31, 2021, assuming bad debts are estimated to be (1) 10% of accounts receivable, and (2) 1.5% of net sales? Bad debts expense Carrying amount 15290 123120 123410 Attempts of 15