5) On January 1, 2021 Scott company. has decided that an allowance of 5% of sales would be set up as the potential bad debt. Sales were estimated to be $100,000. In June, $2,000 of receivables were deemed to be uncollectible. Prepare journal entries for the set up of the Allowance account and the write off of the $2,000. Prepare journal entries if Scott decided to use the direct write off approach