3. BeleVu Supplies showed the following selected adjusted balances at its December 31, 2019. year-end: Accounts Receivable Dec. 31/19 Balance 490,000 Allowance for Doubtful Accounts 16,400 Dec. 31/19 Balance During the year 2020, the following selected transactions occurred: a. Sales totalled $2,800,000, of which 25% were cash sales (cost of sales S1,804,000). b. Sales returns were $108,000, half regarding credit sales. The returned merchandise was scrapped c. An account for $24,000 was recovered d. Several accounts were written oft: $26.000 Collections from credit customers totalled $1,790,000 (excluding the recovery in (c) above). I Part A Required: 1. Journalize transactions (a) through (e). You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts. (If no entry is required for a transaction event, select "No journal entry required in the first account field.) Total Points: 8 a) b) c) Part C Total Points: 6 5. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that the accounts are estimated to be 3% of outstanding receivables Name of Account Debit Credit d) Part B Total Points: 5 2. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 1% of net credit sales. Dec. 31 Name of Account Debit Credit 3. What will be the balance of the Allowance for Doubtful Accounts on the December 31, 2020, balance sheet. 4. What will bad debt expense be on the income statement for the year ended December 31, 2020? c) Part C Total Points: 6 5. Prepare the December 31, 2020, adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be 3% of outstanding receivables. Name of Account Debit Credit Calculations! Accounts Receivable Allowance for Doubtful Accounts 6. What will be the balance of the Allowance for Doubtful Accounts on the December 31, 2020, balance sheet. 7 What will bad debt expense be on the income statement for the year ended December 31, 2020