1. On December 1, 2020, ABC Co. sells merchandise on account to XYZ Co. for $20,000. On December 6 XYZ Co. returns merchandise with a sales price of $4,000. On December 30, ABC receives payment from XYZ for the balance due. Based on above information, complete the following journal entries of business transactions for the corresponding dates. Transaction Account Debit Credit Date December 1 Date Transaction Account Debit Credit December 6 Date Transaction Account Debit Credit December 30 2. XYZ Co. uses allowance method to account for uncollectible accounts. The company made total credit sales of $1 million in 2020. Of this amount, $200,000 remains uncollected on December 31. The credit manager of XYZ estimated that $40,000 of these sales will be uncollectible. Based on this information, complete the following journal entry. Date Transaction Account Debit Credit