Use the following information from Cobra Koi's Pond Supplies to answer the homework questions, Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question. Cobra Koi's Pond Supply Accounting Receivable Aging as of June 30, 2023 Cobra Koi had total sales of $400,000 for the month of June. As of May 31, Cobra Koi had a credit balance of $24,000 in their Allowance for Doubtful Accounts. On June 15, one of Cobra Koi's customers, The Fish Net, inc., files for bankruptcy. It is probably that the Fish Net will not pay Cobra Koi. The Fish Net owe's Cobra Koi $70,000, including $30,000 that is 55 days past due, $20,000 that is 90 days past due and $20,000 that is 370 days past due. Cobra Koi uses the Direct Write Off method. Assuming no other customers have defaulted or been deemed unlikely to pay, how much should Cobra Koi charge to bad debt expense in June? Prepare the joumal entry to record the write off. Who determines the reserve percentages under the Aging of Receivables method of estimating bad debt? The Securities and Exchange Commission The Financial Accounting Standards Board The Company's Management The Company's Board of Directors Question 9 1 pts Which of the following bad debt methods violates the Matching Principle? Aging of Receivables Percent of Sale Pereent of Receivables Direct Write off