1. Journalize entries for transactions (a) to (e) for the Beam Company who uses the Allowance method of accounting for uncollectible receivables. (15 pts) You may omit narratives. (a) Total sales for the year were $7,000,000 of which $3,000,000 were cash sales and the remainder credit sales. (b) Collections on account during the year were $415,000. (e) Wrote off the accounts of J. Doe, $2,500 and B. Smith, $1,000 as uncollectible. (d) Received payment of $800 from B. Smith in settlement of account written off earlier. B. Smith indicated that he would not be able to make any further payments. (e) Assuming that the business estimates its bad debts based on a % of credit sales. It estimates that of 3% of credit sales for the year will be uncollectible. Journalize the adjusting entry to record bad debts at year end. Date Account Titles Debit Credit (o The Beam Company Accounts Receivable balance at year end is $920,000. If the AFDA had an $18,000 debit unadjusted balance at year end, and based on the adjusting entry in (e), how much would be reported as the net realizable value of accounts receivable? Show the AFDA, then, calculate your answer. (5 pts)