Kingbird, inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. accounts receivable are $429,500 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,950. (a) prepare the adjusting journal entry to record bad debt expense for the year. (b) if the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, prepare the adjusting journal entry for bad debt expense. (credit account titles are automatically indented when amount is entered. do not indent manually.) no. account titles and explanation debit credit (a) enter an account title enter a debit amount enter a credit amount enter an account title

P11.2a (lo 2, 4) fechter corporation had the following stockholders’ equity accounts on january 1, 2020: common stock ($5 par) $500,000, paid-in capital in excess of par—common stock $200,000, and retained earnings $100,000. in 2020, the company had the following treasury stock transactions. journalize and post treasury stock transactions, and prepare stockholders’ equity section. mar. 1 purchased 5,000 shares at $8 per share. june 1 sold 1,000 shares at $12 per share. sept. 1 sold 2,000 shares at $10 per share. dec. 1 sold 1,000 shares at $7 per share. fechter corporation uses the cost method of accounting for treasury stock. in 2020, the company reported net income of $30,000. instructions a. journalize the treasury stock transactions, and prepare the closing entry at december 31, 2020, for net income. b. open accounts for (1) paid-in capital from treasury stock, (2) treasury stock, and (3) retained earnings. (post to t-accounts.) c. prepare the stockholders’ equity section for fechter corporation at december 31, 2020.