Uncollectible AcmunlsPercentage of Sales and Percentage nf Receivables At the completion or the wrrent liscal year ending December 31, the balanw uf Acwul'lts Recelwble fur Yang's Gll't shop was $31,535. Credit sales fur the year were $349,400. Requirmi: Make the necessary adjusting entry ll'l general journal iorrn under each of the follnwlng assumptions. Show calculations farthe amount of each adjustment and the resulting net realizable value. 1. Allowance fur Doubtful Acwunls has a credit balance of $335. a. The penentage of sales inelhad is used and bad debt expense is estimated to be 2% of credit sales. it an arnaunt lmx dces not require an enh'v, leave it blank. Page: DDC. POST. DATE ACCOUNITI'I'LE m REE DEBIT CREDIT lzwnechV SE1 2 ' l:ll:l z 3 Accounls receivable, December 31, 20-- $l:l Less allowance for doubtful accounts [:l all:l Net realizable value b. The perual'ltage or receivables methcd is used and an analysis or the accounts produces an estimate or 57,025 in unmllectihle acccunts. [i an amount bux does not require an entry, leave it blank. Page: nor. nos-r. DATE mum-rm: M0. REE DEBIT mean lznDet.31' C] C] 1 2 :1 :1 2 3 3 1 Accounls receivable, December 31, 20" Less allowarlm fnr doubtful acmurlts HUG Net realizable value 2. Allowance for Doublful Accounts has a debit balance of $415. 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'ITI'LE "0' REF. DEBIT CREDIT 120Dec.31 V C] C] 1 2 C] C] 2 3 3 1 Accounls receivable, December 31, 20 D Less allowance for doublful accounts :] 4::1 Net realizable value b. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $5,825 in unoollectible accounts. If an amount box does not require an entry, leave it blank. Page: DOC. POST. DATE ACCOUNT'ITI'LE N0. REF. DEBIT CREDIT 120Dec.31 _' Cl C] 1 :1 :1 2 4 Accounls receivable, December 31, 20 Less allowance for doublful accounts Net realizable Va l u e QUE