Accounts Receivable Allowance Methods Review Company had net credit sales revenue of $450,000 in 2020. Their Allowance for Bad Debts has a debit balance of $500. Study of prior year's figures indicates 1.5% of net sales are uncollectible and 4.0% of A/R are uncollectible. December 31, 2020 Age of Accounts Accounts 1-30 Days 31-60 Days 61.90 Days Over 90 Days Receivable 48,000 26,000 12,000 7,000 3,000 Estimated % 1% 49 12% 409 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 $800 A/R from Newton Company on March 2, 2021. 3. Prepare the journal entries to record collection of $500 from Newton Company on June 5, 2021