2. Navitas Inc gathered the following information from its accounting records for the ye December 31, 2019, prior to adjustment: (20 marks) Net credit sales for the year = $1,200,000 Accounts Receivable (Dec 31, 2019) = $80,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $4,000 debit Navitas uses the allowance method of accounting for bad debts and estimates bad debu credit sales. records for the year ended $4,000 debit balance d debts at 2% of net Required Prepare the adjusting entry on December 31, 2019. 1. Determine the balance in the Allowance for Uncollectible Accounts account ante adjusting entry is recorded. 2. Show how the receivables would be reported on the December 31, 2019, Balance Shee for SmartTek Corporation. 3. Explain why is it important for a company to estimate the percentage of accounts that will be uncollectable