Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $607,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,470.

1) Prepare the adjusting journal entry to record bad debt expense for the year.

2) If the allowance for doubtful accounts had a debit balance of $960 instead of a credit balance of $2,470, determine the amount to be reported for bad debt expense.

Tom and carol are resident aliens, married, and want to file a joint return. they have two children. sydney is 5 years old and a resident alien. benjamin is 2 years old and a u.s. citizen. both children lived with the parents in the united states all year. tom, carol, and sydney have individual taxpayer identification numbers (itins). benjamin has a social security number. tom earned $30,000 in wages. carol had $8,000 in wage income. they had no other income. tom and carol provided all the support for sydney and benjamin. sydney and benjamin attended daycare while tom and carol were at work. tom and carol did not receive dependent care benefits from a dependent care benefits plan or flexible spending account. the daycare center provided the baker's with a statement indicating the amount of $3,250 paid for 2018, their name, address and valid employer identification number. 6. who can tom and carol claim as a qualifying child for the child tax credit? a. sydney b. benjamin c. both sydney and benjamin d. neither sydney or benjamin