2017: PROBLEM M35 Points each, 15 points) Saber Tooth Company's year-end und wted trial balance the follow Cash Sales: 5 300.000 Credit Sales: $1,700,000 Accounts Receivable Allowance for Doubtful Accounts S O OO Debit $ 280,000 Debit DO THE FOLLOWING: 1. Prepare the adjusting journal entry. IN GOOD FOR adjusting journal entry, IN GOOD FORM. 1o record Bad Debt Experve asumine of credit sales, the company uses the uncollectible receivables are estimated to be allowance method) DATE ACCOUNT NAME DEBIT CREDIT 2. Prepare the adjusting journal entry. IN GOOD FORM, to record Bad Debt Expense assuming uncollectible receivables are estimated to be 5% of year-end Accounts receivable (the company uses the allowance method) DATE ACCOUNT NAME DEBIT CREDIT 3. On October 19 the receivable from Elly Company in the amount of $6,000 was written off as uncollectible. However, on December 19th Mr. Elly came and paid his debt of $6,000. Prepare the journal entries, IN GOOD FORM, necessary to record Mr. Elly's payment on December 19". (the company uses the allowance method) DEBIT CREDIT DATE ACCOUNT NAME