Question: Please solve question 1, 2, 3, 4. The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H.J. Heinz Corporation.

Please solve question 1, 2, 3, 4.

Please solve question 1, 2, 3, 4. The Kraft Heinz Company wasformed in 2015 with the merger of Kraft Foods and H.J. HeinzCorporation. Assume the company reported the following amounts in its unadjusted trialbalance (in millions) as of December 31,2020 : Required: 1. Assume Kraft

The Kraft Heinz Company was formed in 2015 with the merger of Kraft Foods and H.J. Heinz Corporation. Assume the company reported the following amounts in its unadjusted trial balance (in millions) as of December 31,2020 : Required: 1. Assume Kraft Heinz uses 1/2 of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no Bad debt expense has been recorded yet. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to the nearest whole dollar number.) Journal entry worksheet Note: Enter debits before credits. 2. Assume instead that Kraft Heinz uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectible. Prepare the adjusting journal entry required at December 31, 2020, for recording Bad Debt Expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions.) Journal entry worksheet Note: Enter debits before credits. 3. Assume instead that Kraft Heinz uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectible. Also, assume that the unadjusted balance in Kraft Heinz's Allowance for Doubtful Accounts at December 31,2020 , was a debit balance of $28 million. Prepare the adjusting journal entry required at December 31,2020 , for recording bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) Journal entry worksheet Note: Enter debits before credits. 4. If one of Kraft Heinz's main customers declared bankruptcy in 2021 , what journal entry would be used to write off its $20 million balance? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions.) Journal entry worksheet Record the entry to write-off the uncollectable account. Note: Enter debits before credits

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