The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H.J. Heinz Corporation. Assume the company reported the following amounts in its unadjusted trial balance (in millions) as of December 31, 2020: Accounts Receivable Debits $5,980 Credits Allowance for Doubtful Accounts Sales (assume all on credit) $ 194 42,850 Required: 1. Assume Kraft Heinz uses 2 of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad debt expense has been recorded yet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to the nearest whole dollar number.) Journal entry worksheet < A Record the Bad debts expenses. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Record entry Clear entry View general journal 2. Assume instead that Kraft Heinz uses the aging of accounts receivable method and estimates that $303 million of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 31, 2020, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet A Record the Bad debts expenses. Note: Enter debits before credits. Transaction 1. General Journal Debit Credit 3. Assume instead that Kraft Heinz uses the aging of accounts receivable method and estimates that $303 million of its Accounts Receivable will be uncollectible. Also, assume that the unadjusted balance in Kraft Heinz's Allowance for Doubtful Accounts at December 31, 2020, was a debit balance of $34 million. Prepare the adjusting journal entry required at December 31, 2020, for recording bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet A Record the Bad debts expenses. Note: Enter debits before credits. Transaction 1. General Journal Debit Credit 4. If one of Kraft Heinz's main customers declared bankruptcy in 2021, what journal entry would be used to write off its $31 million balance? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet < A Record the entry to write-off the uncollectable account. Note: Enter debits before credits. Transaction 1. General Journal Debit Credit Prev 1 of 22 Next >