1. SallyCo has determined that the receivable from BobCo in the amount of $35,300 is uncollectible. Prepare the journal entry writing off the BobCo receivable assuming SallyCo uses the Direct Write-Off Method Account DR CR 2. SallyCo has determined that the receivable from BobCo in the amount of $35,300 is uncollectible. Prepare the journal entry writing off the BobCo receivable assuming SallyCo uses the Allowance Method Account DR CR 3. IBT CO uses the allowance method for bad debts. IBT estimates its allowance for bad debts based on a historically supported factor of 7% of accounts receivable. IBT's 2019 credit sales were $ 10,500,000. IBT'S AR balance as of 12/31 is $5,650,000 The balance in IBT's Allowance for Bad Debts account as of 12/31/18 was $(246,000). Prepare the adjusting entry required to adjust IBT's Allowance for Bad Debts as of 12/31/19: Account DR CR 4. Assume the same facts as #3 above except the balance in IBT's Allowance for Bad Debts account was $125,500 Prepare the adjusting entry required to adjust IBT's Allowance for Bad Debts as of 12/31/19: Account DR CR 5. ABC Co has the following balances in its accounts as of 12/31/19: Accounts Receivable Allowance for Bad Debts Bad debt expense 7,360,600 (270,000) 150,000 a. ABC Co needs to make the following adjustments as of 12/31/19: b. Write off an uncollectible account from AAA for $95,000 c. Record receipt of $132,000 received from bankruptcy court re: BBB Co. This receivable was written off in 2018. d. Adjust the Allowance Account to 8.6% of AR Compute the adjusted balances in the following accounts as of 12/31/19 Accounts Receivable Allowance for Bad Debts Bad debt expense