omework 8 Saved Help Sove & Exit Submit 3 During the year ended December 31, 2021, Kelly's Camera Shop had sales revenue of $120.000, of which $60,000 was on credit. At the start of 2021, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $500 credit balance. Collections of accounts receivable during 2021 amounted to $58,000. Data during 2021 follow: a on December 10, a customer balance of $1.000 from a prior year was determined to be uncollectible, so it was written b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year 16 points off Book Print References Required: 1. Give the required journal entries for the two events in December 2.0. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2.b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Folder Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 20 Reqs Give the required journal entries for the two events in December (Il no entry is required for a transaction/event, select "No jou Required in the first account field) View transaction list SO Help Save & Exit Submit Complete this question by entering your answers in the tabs below. 3 Reg 1 Req 2A Req 28 Reg 3 Give the required journal entries for the two events in December (If no entry is required for a transaction/event, select "No lou Required" in the first account hield.) 16 points View transaction list BOOK Pent Journal entry worksheet 1 2 References > Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,000. Note: Enter debits before credits General Journal Debit Credit Date December 10, 2021 Saved Homework 8 Help Submit Save & Exit percent of credit sales for the year. 3 Required: 1. Give the required gurnal entries for the two events in December 2-o. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2.b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available does the 2 percent rate appear to be reasonable? 16 points eBook Complete this question by entering your answers in the tabs below. Pam Sinces Reg 1 Red 2A Reg 20 Reg Show how the amounts related to Bad Debt Expense would be reported on the income statement Kelly's Camera Shop Income Statement (partial Year ending December 31, 2021 Operating Expenses percent of credit sales for the year. 3 Required: 1. Give the required journal entries for the two events in December 2-o. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? 16 points BOOK Complete this question by entering your answers in the tabs below. Print References Req1 ROQRA Deg 20 Reg Show how the amounts related to Accounts Receivable would be reported on the balance sheet Kelly's Camera Shop Balance Sheet (partial At December 31, 2021 Current Assets Saved Help Save & Exit percent of credit sales for the year. 3 Required: 1. Give the required journal entries for the two events in December 2-0. Show how the amounts related to Bad Debt Expense would be reported on the income statement 2-b. Show how the amounts related to Accounts Receivable would be reported on the balance sheet 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? 16 points ebook Complete this question by entering your answers in the tabs below. Print References Reg 1 Reg 2A Reg 28 Req3 On the basis of the data available, does the 2 percent rate appear to be reasonable? Does the 2 percent rate appear to be reasonable?