Assume the following events for the year 20LL 1. Credit sales 2. Cash sales 3. Accounts receivable balance 1/1/11 4. Accounts written off during the year were 5. Allowance for Uncollectibles balance 1/1/11 6. Seventy percent (70%) of this year's credit sales are $900,000 400, 000 70,000 3,000 3,500 collected during the year. Required Scenario One Use the above data set. Assume that the company estimates its annual bad debt expense at 3% of total sales. . Compute the Bad Debt Expense and provide the journal entry to show its recognition. 2. Provide the journal entry showing the write-off of bad debts. 3. Show the balance sheet presentation of net accounts receivable Scenario Two Use the above data set. Ignore Scenario One. Assume that the company estimates that 5% of its accounts receivable will not get collected. 1. Compute the Bad Debt Expense and provide the journal entry to show its recognition. debts. receivable. 2. Provide the journal entry showing the write-off of bad 3. Show the balance sheet presentation of net accounts