7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales of $60000, an AIR balance of $9000, and a dr. balance of $450 in the allowance account. Record the adjusting entry if 1% of sales are uncollectible. c) Your Co. had sales of $90000, an AIR balance of $14400, anda dr. balance of $144 in the allowance account. Record the adjusting entry if 4% of AIR are uncollectible. General Journal Date Account/Explanation PR Debit Credit Dec 31 General Journal Account/Explanation PR Debit Date Dec 31 Credit What entry is required if XCo, goes bankrupt owing Your Co. $120? General Journal Date Account/Explanation PR Debit Credit Apr 2 What entry is required if Co. goes bankrupt owing Your Co. $144? General Journal Date Account/Explanation PR Debit Credit Jun 28 b) Your Co. had sales of $45000, an AIR balance of $6750, and a cr. balance of $33.75 in the allowance account. Record the adjusting entry if 5% of AIR are uncollectible. General Journal Date Account/Explanation PR Debit Credit Dec 31 d) Your Co. had sales of $78000, an A/R balance of $18720, and a cr. balance of $1123.2 in the allowance account. Record the adjusting entry if 2% of sales are uncollectible. General Journal Date Account/Explanation PR Debit Credit Dec 31 What entry is required if Y Co, goes bankrupt owing Your Co. $60.75? General Journal Date Account/Explanation PR Debit Credit Feb 8 What entry is required if A Co goes bankrupt owing Your Co. $312? General Journal Date Account/Explanation PR Debit Credit Nov 15