Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company...

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Required information [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 $ 220,000 $ 550,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 495,000 debit $ 4,000 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet A B C Bad debts are estimated to be 4% of credit sales. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal Required information [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 $ 220,000 $ 550,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 495,000 debit $ 4,000 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). View transaction list Journal entry worksheet A B C Bad debts are estimated to be 4% of credit sales. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal