Assume all of the same facts as in Part I, except that Soccer Inc. uses the percent of receivables or "aging of receivables" method to determine bad debt expense. I will repeat the facts for your convenience: Soccer Inc. had credit sales of $775,000 during 2020. At the end of 2020, the unadjusted ending balance in Soccers Allowance for Bad Debt account was $7,600, and the unadjusted balance in its gross accounts receivable account was $239,000. The company has a policy of writing-off any Account Receivable which is outstanding more than 75 days. As of 12/31/20, Soccer has Accounts Receivable balances totaling $2,000 outstanding over 75 days which need to be written off.

Soccer has created the following aging schedule:

Age of Receivables	Gross Receivables	Probability of Collection
0 15 days	$100,000	99%
16 45 days	$75,000	97%
46 60 days	$25,000	90%
61 75 days	$37,000	75%
76 days and Over	$2,000	0%

You may round your answers to the nearest dollar.

(A) What journal entry would Soccer record to "Write-Off" Accounts Receivable?

(B) What journal entry would Soccer record to recognize 2020 Bad Debt Expense?

(C) What is the adjusted 12/31/2020 balance of Soccer's Gross Accounts Receivable? **(Show calculation)**

(D) What is the adjusted 12/31/2020 balance of Soccer's Allowance for Bad Debt? **(Show calculation)**

(E) What is the adjusted 12/31/2020 balance of Soccer's Net Accounts Receivable? **(Show calculation)**