View Policies Current Attempt in Progress The trial balance before adjustment of Tamarisk, Inc. shows the following balances: Dr. Cr. Accounts receivable $107,500 Allowance for doubtful accounts 1,955 Sales revenue (all on credit) $674,000 Sales returns and allowances 31.700 Give the entry for bad debt expense for the current year assuming the allowance should be 5% of gross accounts receivable (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation. Bad Debt Expense Allowance for Doubtful Accounts Debit Credit 3420 5420 Give the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging, the following percentages will not be collected: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Percentage Estimated Balance to Be Uncollectible 0-30 days outstanding $38,000 1% 31-60 days outstanding 48,600 5% 61-90 days outstanding 12.900 12% Over 90 days outstanding 8,000 18% Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts Debit Credit Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1.955 but it is a credit balance and the allowance should be 5% of gross accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Give the entry for bad debt expense for the current year assuming allowance for doubtful accounts is $1.955 but it is a credit balance and historical records show that the following percentages will not be collected (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles ond enter O for the amounts) Percentage Estimated Balance to Be Uncollectible 0-30 days outstanding. $38,000 1% 31-60 days outstanding 48,600 5% 61-90 days outstanding 12.900 12% Over 90 days outstanding 8,000 18% Account Titles and Explanation Debit Credit