A local restaurant had the following information at the beginning of March 2019: Accounts receivables, net of allowance for doubtful accounts of $10,000 $90,000. It is also known that the restaurant followed U.S. GAAP and used the allowance method for its receivable-related transactions and gross price method for its sales discounts. During March 2019, the restaurant had the following transactions: (1) On March 12, the restaurant recovered and collected $5,000 in cash from a customer previously written off. (2) On March 5, the restaurant made sales totaled $70,000 with a merchandise cost of $35,000. The sales transaction was on credit with a credit term of 1/20, n/50. (3) On March 5, the restaurant also estimated 3% of its abovementioned sales (which was at $70,000) as possible sales returns and allowances. Its also known that the restaurant had a zero beginning balance in its allowances for sales returns and allowances on March 1. (4) On March 17, the restaurant wrote off a previous customers account of $12,000. (5) On March 24, the customer from transaction (2) returned merchandise with a sales price of $2,000 to the restaurant. (6) On March 24, the customer from transaction (2) also paid the remaining balance in cash. (7) In addition, during March, the restaurant also collected cash from other customers accounts totaled $35,000. (8) At the end of March, the restaurant re-estimated its possible uncollectible based on the following aging schedule of its outstanding accounts receivables. Total A/R Current 1-90 days past due >90 days past due ($ amount) $53,000 $3,000 $15,000 $35,000 (uncollectible %) 1% 10% 30% Required: 1. (28 points) Prepare journal entries and adjusting entries, on next page, for the restaurant for March 2019. 2. (6 points) At the end of 3/31/2019, how much ($) was net A/R for the restaurant? And how much ($) was its net sales for March 2019? Show your calculations below.