Il Verizon 2:15 PM @* 24% D + Date I. Longhine Company's lodgor at the end of the current year shows Accounts Recervable of $294,000 I. If Allowance for Doubtfial Accounts has a credit balance of $6,000 in the trial hala debts are expected to be 4% ofaccounts receivable, the period urnalize the nting- 2. If Allowance for Doubtful Accounts has a dobit balance of $6,000 in the trial balanix receivable, journalize the adjusting entry fow the period. 2 Compute bad debts expense based on the following information (a) Rensey Company estimates that 1%ofnet credit sales wilbeomane fordoubtful $730,000, sales has a $4,400 crodit balance Ramsey Company estimates Accounts recevable are S91,000 at the end of the y returns and allowances are $26,000, and the allowance for that 3% ofaccounts receivable will beomencollectit for doubt (b) -and the allowan accounts has a $520 debit balance. Mahoney CO, received a $25,000, 2-month, 6% note from Kohler Compan setlement of an account roceivable 3. Prepare the necessary jourmal entries for the following transactions for Mahoney Co May 25 uly 2 Mahoney Co. received payment on the Kohler