Question: AIC DE 2 - Assume the allowance method unless otherwise indicated. a) Your Co. had sales of $40000, an ending A/R balance of $6000, and

AIC DE 2 - Assume the allowance method unless otherwise indicated. a) Your Co. had sales of $40000, an ending A/R balance of $6000, and a dr. balance of $300 in the allowance account. Record the adjusting entry if 2% of sales are uncollectible. General Journal Account/Explanation PR Debit Credit Date Dec 31 (Accrue bad debts - 2% sales) 2 4 What entry is required if A Co. goes bankrupt next year owing Your Co. $160? General Journal Date Account/Explanation PR Debit Credit Feb 5 5 16 17 18 19 (Write off account) 2 3 4 5 6 A 7-9

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