(Solved): Use the following information from Cobra Koi's Pond Supplies to answer the homework questions. Roun ...

Use the following information from Cobra Koi's Pond Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question. Cobra Koi's Pond Supply Accounting Receivable Aging as of June 30, 2023 Cobra Koi had total sales of \( \$ 400,000 \) for the month of June. As of May 31, Cobra Koi had a credit balance of \( \$ 24,000 \) in their Allowance for Doubtful Accounts. Using the percentage of sales method and a 1\% reserve rate, what amount should Cobra Koi add to their bad debt reserve for June? What is the journal entry to record bad debt expense for June? DR: CR: What will be the ending balance in Allowance for Doubtful Accounts after Cobra Koi makes its June entry? Use the following information from Cobra Koi's Pond Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question. Cobra Koi's Pond Supply Accounting Receivable Aging as of June \( 30.2023 \) Cobra Koi had total sales of \( \$ 400,000 \) for the month of June. As of May 31, Cobra Koi had a credit balance of \( \$ 24,000 \) in their Allowance for Doubtful Accounts. Using the Percentage of Receivables Method and a \( 3 \% \) reserve rate, what should be the balance in the reserve account as of the end of June? Does Cobra Koi need to increase or decrease the reserve? By how much does Cobra Koi need to adjust the reserve? What is the journal entry to adjust the reserve? DR: \( C R \) : Use the following information from Cobra Koi's Pond Supplies to answer the homework questions. Round all answers to the nearest whole dollar. Note that not all of the information may be required for every question. Cobra Koi's Pond Supply Accounting Receivable Aging as of June 30, 2023 Cobra Koi had total sales of \( \$ 400,000 \) for the month of June. As of May 31, Cobra Koi had a credit balance of \( \$ 24,000 \) in their Allowance for Doubtful Accounts. When using the Aging of Receivables method, Cobra Koi reserves as follows: What should the reserve be for the Current Bucket? What should the reserve be for the 1-90 days past due bucket? What should the reserve be for the \( 91-180 \) days past due bucket? What should the reserve be for the \( 181-360 \) days past due bucket? What should the reserve be for the \( 361+ \) days past due bucket? What should the total reserve be as of the end of June? What should the reserve be for the \( 361+ \) days past due bucket? What should the total reserve be as of the end of June? Does Cobra Koi need to increase or decrease their reserve? By how much should Cobra Kai adjust their reserve?