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Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. 3 Cash sales Credit sales $1,542,900 $3,025,000 09:53 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $916,575 debit $ 10,790 debit Problem 7-2A Part 1 Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption a. Bad debts are estimated to be 3% of credit sales. Dod dohtrarn netimntadinha 20% of totalanna Accounts receivable Allowance for doubtful accounts $916,575 debit $ 10,790 debit Problem 7-2A Part 1 37 Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are estimated to be 2% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.) Answer is complete but not entirely correct. No Transaction General Journal Dahit PPHITHI TV Intl Aripi KIP HAITI HHIASSETTITOR Required information U. Ddu deuS de Estridte I De 2% OF LOld Sdies c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). (Do not round intermediate calculations.) Answer is complete but not entirely correct. Debit Credit No Transaction General Journal 90.750 1 a Bad debts expense Allowance for doubtful accounts 90,750 60,500 2 b Bad debts expense Allowance for doubtful accounts IS 60,500 54,994 3 Bad debts expense Allowance for doubtful accounts 54,994 UT Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below) At December 31, Hawke Company reports the following results for its calendar year. of 3 Cash sales Credit sales $1,542,900 $3,025,000 4.09.11 In addition, its unadjusted trial balance includes the following items. oped Accounts receivable Allowance for doubtful accounts $916,575 debit $ 10,790 debit ook int ences Problem 7-2A Part 2 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a. Problem 7-2A Part 2 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its in part 1a. 02 Current assets $ 0 ses Savod Help SO [The following information applies to the questions displayed below) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,542,900 $3,025,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $916,575 debit $ 10,790 debit Problem 7-2A Part 3 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c (Do not round intermediate calculations.) Current assets $ Accounts receivable Allowance for doubtful accounts $916,575 debit $ 10,790 debit Problem 7-2A Part 3 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c (Do not round intermediate calculations.) Current assets $ 0