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! Required information Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 [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 In addition, its unadjusted trial balance includes the following items. $ 160,000 $ 400,000 Accounts receivable Allowance for doubtful accounts Problem 7-2A (Algo) Part 1 Saved $360,000 debit $ 2,900 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. 3 es Journal entry worksheet of 5 www www Next > View transaction list Journal entry worksheet Aminnnic S Required information Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 [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 In addition, its unadjusted trial balance includes the following items. $ 160,000 $ 400,000 Accounts receivable Allowance for doubtful accounts Problem 7-2A (Algo) Part 2 Saved Current assets: $360,000 debit $ 2,900 debit 2. Bad debts are estimated to be 4% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Required information Problem 7-2A (Algo) Estimating and reporting bad debts LO P2, P3 [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 $ 160,000 $ 400,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts Saved Current assets: $360,000 debit $ 2,900 debit Problem 7-2A (Algo) Part 3 3. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. He