On December 31, the ledger of Davis Company contained the following account balances: Accounts Payable $ 12,000 Fees Income $ 174,000 Accounts Receivable 5,200 Supplies 3,600 Accumulated Depreciation 6,800 Prepaid Rent 58,000 Cash 76,000 Rent Expense 8,400 Depreciation Expense 6,800 Supplies Expense 7,600 Equipment 64,000 Teresa Davis, Capital 101,600 Teresa Davis, Drawing 50,000 Utilities Expense 14,800 All the accounts have normal balances. Prepare the closing entries for Davis Company On December 31.

The manda panda company uses the allowance method to account for bad debts. at the beginning of 2018, the allowance account had a credit balance of $92,400. credit sales for 2018 totaled $3,190,000 and the year-end accounts receivable balance was $507,500. during this year, $88,500 in receivables were determined to be uncollectible. manda panda anticipates that 3% of all credit sales will ultimately become uncollectible. the fiscal year ends on december 31. required: 1. does this situation describe a loss contingency? 2. what is the bad debt expense that manda panda should report in its 2018 income statement? 3. prepare the appropriate journal entry to record the contingency. 4. complete the table below to calculate the net realizable value manda panda should report in its 2018 balance sheet?