Ass Homework: Chapter 9 Homework Question 1, Problem 9-8A (similar to) Part 1 of 12 > HW Score: 0%, 0 of 2 points O Points: 0 of 2 Save Ellworth Supply uses the allowance method in accounting for uncollectible accounts with the estimate based on the aging-of-accounts-receivable method. The company had the following account balances on November 30, 2020: Accounts Receivable Allowance for Doubtful Accounts (credit balance) $ 687,000 87,000 The following transactions took place during the month of December 2020: (Click the icon to view the transactions.) Required Requirement 1. Record the transactions in the general journal. December 2. Earth Inc., which owes $48,000, is unable to pay on time and has given a 25-day, 15-percent note in settlement of the account. (Record debits first, then credits. Exclude explanations from journal entries.) Date Dec. General Journal Accounts Debit Credit Clear all Check answer Chapter 9 Question 1, Problem 9-8A (similar to) Part 1 of 12 HW Score: 0%, 0 of 2 points O Points: 0 of 2 Save ha allawanan mathad in appounting for uppalleatible accounts with the notimete based on the aging of acequate receivable method. Tha e info - X - 2 Earth Inc., which owes $48,000, is unable to pay on time and has given a 25-day, 15-percent note in settlement of the account. 6 Received from Ivy Gladstone the amount owed on a November 7 dishonoured note, plus extra interest for 30 days at 4 percent computed on the maturity value of the note ($14,000). This dishonoured note had been converted to an account receivable on November 7. 10 Received notice that a customer (Ted Googel) has filed for bankruptcy. Googel owes $19,600. The courts will confirm the amount recoverable at a later date. 11 Determined the account receivable from Kristen Walters ($9,800) was uncollectible and wrote it off. 18 Received a cheque from the courts in the amount of $16,500 as final settlement of Googel's account. 27 Earth Inc. paid the note received on December 2. 27 Determined the account receivable for Donald Maggie ($5,500) was uncollectible and wrote it off. 31 Sales for the month totalled $726,000 (of which 75 percent were on account) and collections on account totalled $606,210. 31 Ellworth Supply did an aging of accounts receivable that indicated that $78,000 is expected to be uncollectible. The company recorded the appropriate adjustment. Print Done st, Clear all Check answer i Required 1. Record the above transactions in the general journal. 2. What would be the adjusting entry required on December 31 if the company used the percent-of-sales method with an estimate of uncollectibles equal to 12 percent of credit sales? 3. Which of the two methods of estimating uncollectible accounts would normally be more accurate? Why? Print Done - X (Record debits fir