1. The following is found in the Stemco balance sheet at 31 December 2018: Balance Sheet 31 Dec 2018 Current assets Accounts Receivable Less Allowance for Doubtful Accounts Accounts Receivable, net $ $ 562,000.00 (10,397.00) $ 551,603.00 Over the course of the year 2019, the following events take place: Credit sales: $7,025,000 Cash collections: $6,856,000 Write offs of bad debt reserve accounts: $8,145 Collections of bad debt reserve accounts: $1,028 Bad debt reserve percentage estimate: 31 Dec 2019:2.5% a. Create journal entries for: i. Recording credit sales ii. Recording cash collections iii. Write offs of bad debt reserve accounts as uncollectible iv. Collections of bad debt reserve accounts V. Establishment of bad debt reserve for 31 Dec 2019 b. Present the partial balance sheet items showing the net accounts receivable at year end. 2. Create the journal entries for the issuing and collection of the following note receivable: 90-day not having a face value of $75,000 and interest rate of 3% to search o W 3 e 31 O O