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Question 7 (of ) E8-3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the...

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Question 7 (of ) E8-3 Recording, Reporting, and Evaluating a Bad Debt Estimate Using the Percent During the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2015, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2015 amounted to $68,000 Data during 2015 follow a. On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off b. On Decembor 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year Required 1. Give the required journal entries for the two events in December. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet MacBook Pro F1 F2 860 F4 F3 FS

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