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During the year ended December 31, 2020, Kelly's Camera Equipment had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2020, Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $800 credit balance. Collections of accounts receivable during 2020 amounted to $68,000. Use the following data for 2020 to answer the questions: a. On December 10, 2020, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, 2020, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. 3-a. On the basis of the data available, does the 2 percent rate appear to be reasonable? O Yes 2. Show how the amounts related to Accounts Receivable 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.) Partial Income statement for 2020 Operating expenses. Partial Balance sheet for 2020 Current assets $ 0Get Answers to Unlimited Questions
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