7 Prepare t-accounts for cash, A/R, the Allowance for DA, Income statement Prepare journal entries for each situtation Post to t-accounts o Find Net Accounts receivable for each. 3. A business begins operation on 1/1/Year A The business reports $600,000 in credit sales. Cash collections during the year were $400,000 Bad debt expense was estimated at 2% of credit sales. By 12/31/Year A $1000 actual accounts had been written off. The company reviews its accounts receivable and decides that 82% of the remaining accounts receivable will be collectible so on that day it makes a final adjusting entry to increase the Allowance for doubtful accounts (the aging method.) Find the ending balances and make the necessary journal entries