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At December 31, 2011, Klimek Company reports the following results for the year. Cash Sales.$1,015,000 Credit Sales.
At December 31, 2011, Klimek Company reports the following results for the year.Cash Sales..................$1,015,000Credit Sales..................1,241,000In addition, its unadjusted trial balance includes the following items.Accounts Receivable..........................$475,000 debit5,200 creditRequired 1. Prepare the adjusting entry for Klimek Co. to recognize bad debts under each of the following inde-pendent assumptions. a. Bad debts are estimated to be 2.5% of credit sales. b. Bad debts are estimated to be 1.5% of total sales. c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2011, balance sheet given the facts in part 1a. 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2011, balance sheet given the facts in part 1c.
