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The December 31.2021. balance sheet of the Whispering Winds Corp. had Accounts Receivable of $700,000 and a credit balance in Allowance for Doubtful Accounts of $34.000. During 2022, the following transactions occurred: sales on account $1,608.000: sales returns and allowances, $181.000; collections from customers, $1.307,000; accounts written off. $35.000; previously written off accounts of $8,000 were collected. Your answer is correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 1608000 Accounts Recelvable Sales Revenue 1608000 (To record credit sales) Sales Returns and Allowances 181000 Accounts Recelvable 181000 (To record credits to customers) Cash 1307000 Accounts Recelvable 1307000 (To record collection of receivables) Allowance for Doubtful Accounts 35000 Accounts Recelvable 35000 (To write off specific accounts) Accounts Recelvable 8000 Allowance for Doubtful Accounts 8000 (To reverse write-off of account) Cash 8000 Accounts Recelvable 8000 (To record collection of account) Your answer is partially correct. If the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry at December 31, 2022? (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Bad Debt Expense Dec. 31 120640 Allowance for Doubtful Accounts 120640

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