Accounting 102 Professor Mitschow Bad Debts Handout 1.) SOAPCO has $120,000 in total sales ($20,000 in cash) and wrote off $4,250 in uncollectible accounts during the year. The company expects approximately 4.5% of credit sales will eventually prove uncollectible. Given this information, please record the necessary journal entries assuming that SOAPCO uses the percent of sales method