5 (16.5 marks) The following selected transactions relate to Falcetto Company: March 1 Sold $20,000 of merchandise to Potter Company, terms 2/10, n/30. . March 11 Received payment in full from Potter Company for balance due. March 12 Accepted Juno Company's $20,000, 6-month, 12% note for balance due. March 13 Made Falcetto Company credit card sales for $13,200. March 15 Made American Express credit sales totaling $6,700. A 5% service fee is charged by American Express. March 30 Received payment in full from American Express Company. April 11 Sold accounts receivable of $8,000 to Harcot Factor. Harcot Facto assesses a service charge of 2% April 13 Received collections of $8,200 on Falcetto Company credit card sales and added finance charges of 1.5% to the remaining balances. May 10 Wrote off as uncollectible $16,000 of accounts receivable. Falcetto uses the percentage of sales basis to estimate bad debts. June 30 Credit sales for the first 6 months total $2,000,000. The bad debt percentage is 1% of credit sales. At June 30, the balance in the allowance account is $3,500. July 16 One of the accounts receivable written off in May was from J. Simmon, who pays the amount due, $4,000, in full. Instructions: Prepare the journal entries for the transactions