As of October, Wally's Wallpaper Company has the following transactions relating to sales and bad debts...

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As of October, Wally's Wallpaper Company has the following transactions relating to sales and bad debts during the year (total sales for the year were $72,000, broken dow as shown in the accompanying schedule): Wally estimates his bad debts will be 2 percent of sales and maintains an allowance for bad debts based on that assumption. In May, a customer who owed him $500 files for bankruptcy, so Wally will never collect that debt In October, a customer (who was renting the house in which Wally hung some wallpaper) skips out of town. No one can find him, so Wally assumes he will never collect that debt, which is $800. Your assignment: Make up a schedule of sales, the resulting increases in the allowance for bad As of October, Wally's Wallpaper Company has the following transactions relating to sales and bad debts during the year (total sales for the year were $72,000, broken dow as shown in the accompanying schedule): Wally estimates his bad debts will be 2 percent of sales and maintains an allowance for bad debts based on that assumption. In May, a customer who owed him $500 files for bankruptcy, so Wally will never collect that debt In October, a customer (who was renting the house in which Wally hung some wallpaper) skips out of town. No one can find him, so Wally assumes he will never collect that debt, which is $800. Your assignment: Make up a schedule of sales, the resulting increases in the allowance for bad