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E8-3 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percentage of Credit Sales Method [LO 8-2] During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $150,000, of which $75,000 was on credit. Af the start of 2021 Accounts Recelvable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $560 credit balance. Collections of accounts receivable during 2021 amounted to $64,000 Data during 2021 follow: a. On December 10, a customer balance of $1300 from a prior year was determined to be uncollectible, so it was whaten off b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credi soles for the year. Required: 1. Give the required joumal entries for the two events in Decembet. 2.a. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2.b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. Give the required joumal entries for the two events in December, (if no entry is required for a transaction/event, select "No joumal Entry. Recuired" in the first-account field, ) Journal entry worksheet Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,300. Note: Enter debits before credits. Journal entry worksheet Record the estimated bad debt losses at 2 percent of credit sales for the year. Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Show how the amounts related to Bad Debt Expense would be reported on the income statement. Complete this question by entering your answers in the tabs below. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $150,000, of which 575,000 was on credt At the start of 2021, Accounts Recelvable showed a $12,000 debit balance and the Allowance for Doubdul Accounts showed a 5560 . credit balance. Collections of accounts receivable during 2021 amounted to $64,000. Data during 2021 follow: a. On December to, a customer balance of $1,300 from a prior year was determined to be uncoloctible, so is was writien olf. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt iosses on 2 percent af eredit sales for the year. Required: 1. Glve the required journal entries for the two events in December. 2-a. Show how the amounts related to Bad Debt Expense would be reported on the income statement. 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data avalable, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in the tabs below. On the basis of the data available, does the 2 percent rate appear to be reasonable