STC 4G 3:06 PM bbappsrv.pmu.edu.sa ACCT 4321-Intermediate Accounting I Assignment for Ch.7 Name: ID Ex. 196 Bullfrog Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2011, and December 31, 2012, appear below 1231/11 Net Credit Sales $400,000 $500,000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 5,200? 1231/12 Instructions (a) Record the following events in 2012. Lang for $800 is uncollectible. Woods for $3,700 is uncollectible. Aug. 10 Determined that the account of Sue Sept. 12 Determined that the account of Tom Oct. 10 Received a check for $500 as payment on account from Sue Lang, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Nov. 15 Received a check for $300 from Sue Lang as payment on her account. Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31 2012 (b) (c) What is the balance of Allowance for Doubtful Accounts at December 31, 2012