ABC Co., Inc. sells merchandise on credit. During the fiscal year ended July 31, 20XX the company had Net Sales of $1,150,000. At the end of the year, it had Accounts Receivable of $300,000 and a debit balance in the Allowance For Uncollectible Accounts of $1,700. In the past approximately 1.4% of Net Sales have proved to be uncollectible. Also an aging of Accounts Receivable reveals that $15,000 of the receivables appear to be uncollectible. Prepare the journal entries to record Uncollectible Accounts Expense using (a.) the percentage of Net Sales method and (b.) the Accounts Receivable aging method. What is the resulting balance of Allowance For Uncollectible Accounts under each method. How would your answers change if Allowance For Uncollectible Accounts has a credit balance of $1,700? ABC Co., Inc. loans an employee $6,000. The employee On November 1, 20AA signs a 3 month 10 % note. Principal and Interest are due and payable at maturity. Prepare the required journal entries on November 1, 20AA (acquisition), on December 31, 20AA (the year end AJE) and on January 31, 20BB (payment)