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 Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Receivable 104,000 62,000 28,000 10,000 4,000 Estimated % 0.5% 5% 16% 55% Uncollectible 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