ueston 1 incompa Marked out of 5.56 Tag gestion Credit Losses Based on Credit Sales Lewis Company uses the allowance method for recording its expected credit losses, it estimates credit losses at 1% of credit sales which were $1,300,000 during the year. On December 31, the Accounts Receivable balance was $190,000 and the Allowance for Doubtful Accounts had a credit balance of $10,600 before adjustment a. Prepare the adjusting entry to record the credit losses for the year. b Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear in the December 31 balance sheet. Date Dec General journal Description Debit Credit 0 fo record allowance for credit losses b. (Do not use negative signs with your answers) Please answer all parts of the question SaveAnswers Current Assets Next O