SOLVE PARTICAL BALANCE SHEET.

During the current year, Robby's Camera Shop had sales revenue of $170,000, of which $73,000 was on credit. At the start of the current year, Accounts Receivable showed a $20,000 debit balance, and the Allowance for DoubtfulAcounts showed a $1,400 credit balance. Collections of accounts receivable during the current year amounted to $50,000. Data during the current year follows a. On December 31 an Account Receivable (J. Doe) of $1,200 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. b. On December 31, on the basis of experience, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2.0 percent of credit sales for the year. Required: 1. Prepare the required journal entries for the two items on December 31, end of the accounting period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit Dec. 31 Allowance for doubtful accounts 1,200 Accounts receivable (J. Doe) 2 Dec. 31 Bad debt expense 1,460 Allowance for doubtful accounts 1,460 2. Show how the amounts related to Accounts receivable and Bad debt expense would be reported on the income statement and balance sheet for the current year. Disregard income tax considerations. (Amounts to be deducted should be indicated by a minus sign.) ROBBY'S CAMERA SHOP Partial Income Statement For the Year Ended December 31 Operating expenses Bad debt expense S 1,460 1,460 ROBBY'S CAMERA SHOP Partial Balance Sheet As of December 31 Current assets Accounts receivable $41,800 Allowance for doubtful accounts Accounts receivable, net of allowance for doubtful accounts $41,800