CP8-1 (Algo) Recording Accounts Receivable Transactions Using Two Estimation Methods [LO 8-2] Campbell-Wilson Corporation, is a software development company that recently reported the following amounts (in thousands) in its unadjusted trial balance as of February 28,2019 . Required: 1. Assume Campbell.Wilson uses M of 1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting Journal entry required at February 28 for recording Bad Deut Expense. 2. Assume instead that Campbell-Wilson uses the aging of accounts recelvable method and estimates that $6,900 (thousand) of Accounts Recelvable will be uncollectible. Prepare the adjusting joumal entry required at February 28 for recording bad debt expense. TIP. The aging of accounts recelvable method focuses on calculating what the adjusted Allowance for Doubtful Accounts balance should be. You need to consider the existing balance when determining the adjustment. 3. Assume that the unadjusted balance in Campbell-Wilson's Allowance for Doubtful Accounts at February 28 was a debit balance of $1,380 (thousand). Campbell-Wilson uses the aging of accounts receivable method and estimates that $6,900 (thousand) of Accounts Receivable will be uncollectible. Prepare the adjusting joumal entry required at February 28 for fecording bod debt expense. 4. If one of Campbell-Wilson's customers declared bankruptcy, what journal entry would be used to write off its $690 (thousand) balance? Complete this question by entering your answers in the tabs below. Assume Campbeil-Witson uses la of 1 percent of revenue to estimate its bad debt expense for the year. Prepare the adjusting journal. Required" in the first account field. Enter your answers in whole dollars, rather than in thousands of doilars (e.g. 54 would be entered as $4,000). Journal entry worksheet Record the entry for bad debt expenses under the percentage of credit sales method. Note: Enter debits before credits. ssume instead that Campbell-Wilson uses the aging of accounts receivable method and estimates t eceivable will be uncollectible. Prepare the adjusting journal entry required at February 28 for reco P: The aging of accounts receivable method focuses on calculating what the adjusted Allowance fo . You need to consider the existing balance when determining the adjustment. (If no entry is requ lo Journal Entry Required" in the first account field. Enter your answers in whole dollars, rather the ould be entered as $4,000).) Journal entry worksheet Record the entry for bad debt expenses under the aging of accounts receivable method. Note: Enter debits before credits. Assume that the unadjusted balance in Campbell-Wilson's Allowance for Doubtful Accounts at Februan (thousand). Campbell-Wilson uses the aging of accounts receivable method and estimates that $6,900 Receivable will be uncollectible. Prepare the adjusting journal entry required at February 28 for record is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter rather than in thousands of dollars (e.g. $4 would be entered as $4,000).) Journal entry worksheet Record the adjusting entry for bad debts as of February 29, using the aging of accounts receivable method. Note: Enter debits before credits. If one of Campbell-Wilson's customers declared bankruptcy, what journal entry would be used to write off its $6% (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Ente dollars, rather than in thousands of dollars (e.g. $4 would be entered as $4,000).) Journal entry worksheet Record the write-off of a $690,000 customer account, which ie not collectible due to bankruptcy. Note: Enter debits before credits