3. Fiona Franklin's Financial Services began business in 2021. Franklin's uses the percentage of accounts receivable method to estimate bad debt expense and allowance for doubtful accounts. The balance of accounts receivable on December 31, 2021, is $500,000, Franklin's estimates 10% uncollectible. On July 29, 2022, Franklin's writes off Baker Company's $41,000, accounts receivable that was outstanding on December 31, 2021. There were no other write-offs of 2021 accounts receivables. The balance in accounts receivable on December 31, 2022, is $1,100,000, Franklin's estimates 10% uncollectible Required: Prepare the appropriate journal entries and post them to the ledger