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2. Show how the amounts related to Accounts Recelvable and Bad Debt Expense would be reported on the balance sheet and income statement for 2020. (Amounts to be deducted should be indicated by a minus sign.) 3-a. On the basis of the data available, does the 2 percent rate appear to be reaso Yable? Yes No 3-b. This part of the question is not part of your Connect assignment. During the year ended December 31,2020 , Kellys Camere Equipment had sales revenue of 5170.000 of which 585.000 wes on credit At the start of 2020 , Accounts Receivable showed a $10,000 debt balence, and the Alowince for Doubeful Accounts showed an $800 credit balance Colections of occoints recetheble during 2020 trmourted to $68,000 Use the following data for 2020 to answer the cuestions: a. On Decimber 10,2020 , a customer balance of $1,500 frem a prioryear was determined so be uncetectole, wo it was wraten of b. On December 31, 2020, a decisen was made fo cominue the accounting policy of basing estimated bod debt losses on 2 percent of credie sales for the year. Aequired: 1. Prepare the required journal enties for the two events in December 2020. 0f no entry is required for a tranaactionievent, select "No journat entry reciulred" in the first occount field, Journal entry worksheet On Decenber 31,2020 , e decosion was made te continue the accounting policy of basino estimated pod debt losses on 2 percent af credit salet for the year

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