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1. The following information pertains to Sportco Corp: a company that sells sporting goods and...

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1. The following information pertains to Sportco Corp: a company that sells sporting goods and apparel. At the end of 2002, Sportco had the following balances Credit sales AP | AR Allowance account Cash sales 2,4670,000 210,000 | 74,800 55,680 debit 568.000 Sportco Corp. uses the percentage-of-credit-sales method and estimates that 7% of the credit sales are uncollectible. (12 points) a) What is bad debt expense for the year b) What is the allowance account balance at 12/31/2002 after the year-end adjustment? c) Journalize the year end adjustment GENERAL JOURNAL PAGE POST REF. DATE DESCRIPTION DEBIT CREDIT

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