Accounts Receivable Allowance Methods Marion Company had sales revenue of $765,000 in 2019. Allowance for Bad Debts has a credit balance of $700. Study of prior year's figures indicates 1.1% of net sales are uncollectible and 5.0% of A/R are uncollectible. December 31, 2019 Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Dayse Accounts Receivable 104,000 Estimated % Uncollectible 62,000 0.5% 28,000 5% 10,000 16% 4,000 55% 1. Prepare the journal entry to estimate bad debt expense assuming: a. The company uses the % of sales method b. The company uses the % of A/R method C. The company uses the aging of A/R method 2. Prepare the journal entry to write off $1,200 A/R from Grant Company on March 2, 2020. 3. Prepare the journal entries to record collection of $500 from Grant Company on June 5, 2020