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E6-7 - L06-2 Recording Bad Debt Expense Estimates and Write-offs Using the Percentage of Credit Sales Method During the current year, Adams Assembly, Inc., recorded credit sales of $1.300,000. Based on prior experience, it estimates a I percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: a. On September 29 of the current year, an account receivable for $4,000 from March of the current year was determined to be uncollectible and was written off. b. The appropriate bad debt expense adjustment was recorded for the current year. E6-12 L06-2 Recording and Reporting a Bad Debt Estimate Using Aging Analysis Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,000: (2) up to 180 days past due, $14,000; and (3) more than 180 days past due, $4,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 12 percent, and (3) 30 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $200 (credit before the end of period adjusting entry is made. Required: 1. Prepare the appropriate bad debt expense adjusting entry for the current year. 2. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet. .- .-.Analvei F6.13