A Company uses the Allowance Method for Uncollectible Accounts. At the end of its first year of operations, December 31, 2019, it believes it should have an Allowance of $64,500. This is the first time it has ever addressed this issue. Write out the adjusting journal entry to record this allowance. Early the following year (2020), the Company is told that one of its customers declared bankruptcy & cannot pay the $8,000 it owes. The $8,000 was part of the Company's Accounts Receivable balance at December 31, 2019 (see preceding fact pattern immediately above). Prepare the adjusting journal entry to write off the $8,000 receivable (Remember, the Company uses the Allowance Method)