3. Management has determined that 1% of sales will be uncollectible and the company uses the percentage of sales method of recording the allowance. What is the journal entry when sales for the year are 250,000? 4. The company maintains an allowance account for uncollectible accounts receivable. During the year it was learned that a customer, Jay Smith, filed for bankruptcy and the amount of $600 that he owed the company would not be paid. What is the journal entry upon learning of the bankruptcy? 5. Management uses the accounts receivable aging method to determine the uncollectible amount of accounts receivable. The aging determined that the ending balance in the uncollectible account should be $6,200. The balance in the account was $4,000. What is the necessary journal entry? 6. The following information is available compute the amount of uncollectible account expense. The company uses the percentage of sales method. Sales $500,000 Purchases $200,000 Sales Returns $10,000 Uncollectible expense 1% 7. Sophie Company had the following outstanding Note Receivable. $10,000 for 6 months at 5% interest. What is the maturity value