1 From its first day of operations to December 31, 2020, Jeon Corporation provided for uncollectible accounts receivable under the allowance method: 1. Entries for bad debt expense were made monthly based on 2.5% of credit sales. 2. Bad debts that were written off were charged to the Allowance for Doubtful Accounts. 3. Recoveries of bad debts previously written off were credited to the allowance account. 4. No year-end adjustments were made to the allowance account. The balance in Allowance for Doubtful Accounts was $84,000 at January 1, 2020. During 2020, credit sales totalled $9.4 million, interim entries for bad debt expense were based on 2.5% of credit sales, $95,000 of bad debts were written off, and recoveries of accounts previously written off amounted to $15,000. Use Tee accounts to summarize this! Jeon upgraded its computer facility in November 2020, and an aging of accounts receivable was prepared for the first time as at December 31, 2020. Jeon's usual credit terms were net 30 days, and remain unchanged. A summary of the aging analysis follows: Classification by Month of Sale Balance in Each Category Estimated % Uncollectible November July-October 2020 January-June 2020 Before January 1, 2020 1080000 650000 420000 150000 8% 13% 20% 60% Instructions a. Prepare a Tee a/c that records the changes in Allowance for Doubtful Accounts for the year ended December 31, 2020 under the % of sales method. Show any supporting calculations in the Excel cells. b. Prepare the journal entry for the year-end adjustment to the Allowance for Doubtful Accounts balance as at December 31, 2020, under the new ageing of A/R method