Uncollectible Accounts-Percentage of Sales and Percentage of Receivables At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang's Gift Shop was $28,415. Credit sales for the year were $350,000, Required Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of $300. a. The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. If an amount box does not require an entry, leave it blank. Page DATE ACCOUNT TITLE DOC. POST NO. DEBIT CREDIT 1 20- Dec. 31 Accounts receivable, December 31, 20- Less allowance for doubtful accounts Net realizable value b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $6,925 in uncollectible accounts. If an amount box does not require an entry, leave it blank. Page ACCOUNT TITLE DOC. POST. NO. REF DATE 1 20-Dec. 31 Accounts receivable, December 31, 20 Less allowance for doubtful accounts Net realizable value 2. Allowance for Doubtful Accounts has a debit balance of $385 a. The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. If an amount box does not require an entry, leave it blank. Page: DOC. POST DATE ACCOUNT TITLE NO. REFDEBIT CREDIT 1 20--Dec. 31 Accounts receivable, December 31, 20 Less allowance for doubtful accounts Net realizable value b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $5,750 in uncollectible accounts. If an amount box does not require an entry, leave it blank. Page: ACCOUNT TITLE DOC. POST NO. REF DATE 20-- Dec. 31 Accounts recelvable, December 31, 20-- Less allowance for doubtful accounts Net realizable value