View Policies Current Attempt in Progress Novak Company has accounts receivable of 5111.600 at March 31, 2020. Credit terms are 2/10,730. At March 31, 2020, there is $1.400 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage of receivables basis for estimating uncollectible accounts. The companys estimate of bad debts is shown below Balance Estimated Percentage Age of Accounts March 31 Uncollectible 2020 2019 Current $71.400 $75,000 2 1-30 days past due 23.900 8.000 6 31-90 days past due 8.800 2400 Over 90 days past due 7.500 55% $111.600 586.500 21 1.100 Part 1 Part 1 Determine the total estimated uncollectibles, $ Total estimated uncollectibles e Textbook and Media List of Accounts SA Attempts unlimited Save for later Part 2 Prepare the adjusting entry at March 31, 2020, to record bad debt expense. (Credit account titles are automatically Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Mar. 31 Current Attempt in Progress At December 31, 2019. Sheffield Company had a credit balance of $16,700 in Allowance for Doubtful Accounts. During 2020. Sheffield wrote off accounts totaling $14,100. One of those accounts ($2.400) was later collected At December 31, 2020, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $22.700. Prepare journal entries to record the 2020 transactions of Sheffield Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Credit Account Titles and Explanation Debit (To record amount written off) (To reverse write-off (To record amount written off) (To reverse write-off) D (To record collection of writeoff) (To record estimated bad debts for the year) On December 31, 2020, Blossom Co, estimated that 2% of its net accounts receivable of $495.000 will become uncollectible The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Blossom Co.determined that the Jeff Shoemaker account was uncollectible and wrote off 2,475. On June 12. 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Credit Date (To reverse write-off) (To record collection of write of)