1. During 2019, Alloway Inc. recorded credit sales of $750,000. Based on prior experience, it estimates a 1.25 percent bad debt rate on credit sales. Required: a. Prepare journal entries for each transaction: 1- The appropriate bad debt expense adjustment was recorded for the year 2019. 2- On December 31, 2019, an account receivable for $1,500 from September of the current year was determined to be uncollectible and was written off. 1 T . . . b. Complete the following tabulation, indicating the amount and effect (+ for increase, - for decrease, and NE for no effect) of each transaction of letter a Transaction Net sales Gross Profit | Pretax Income Current assets a.1 a.2