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EN-IA. Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its LO2 expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. MBC a. Prepare the adjusting entry to record the credit losses for the year b Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear in the December 31 balance sheet. Chapter 8 Accounting for Receivables Cambridge Business Publishen ccounts Receivable Hunter, Inc., analyzed its accounts receivable bal ances at December 31, and arrived at the aged balances listed below, along with the percentage that LO1, 2 E8-2A. Credit Losses Based on estimated to be uncollectible: Probability of Noncollection Age Group Salance $ 90,000 20,000 1 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due 11,000 6,000 10 6,000 25 $133,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $820 on December 31, before any adjustments. Prepare the adjusting entry for estimated credit losses on December 31. b. Prepare the journal entry to write off the Rose Company's account on April 10 of the following year in the amount of $650. a. LO1 E8-3A. Recognizing Accounts Receivable On June 7, Pixer Co. sells $1.500 of merchandise to Jasmine