Question: Please answer and explain. Thanks! Patrick, Inc. had 2016 net sales of $1,400,000. As of December 31, 2016, before adjusting entries, the balances in the

Please answer and explain. Thanks!
Please answer and explain. Thanks! Patrick, Inc. had 2016 net sales of

Patrick, Inc. had 2016 net sales of $1,400,000. As of December 31, 2016, before adjusting entries, the balances in the selected accounts were: Accounts Receivables, debit of $250,000 and Allowance for Doubtful Accounts $2,400, credit. A) If Patrick estimates that 2% of his net sales will be uncollectible, prepare the journal entry to record the Bad Debt expense as of December 31, 2016. B) Instead of estimating uncollectibles at 2% of net sales, assume that 10% of accounts receivable will be uncollectible. Prepare the entry to record bad debt expense. C) Instead of estimating bad debts at 2% of net sales, suppose Patrick prepares an Aging Schedule that estimates total bad debts at $24,600. Prepare the entry to record the bad debt expense

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