At the end of its accounting period, December 31, 2020, Petunia Corp. showed unadjusted balances of $367,000 in Accounts Receivable; $6,200 credit in Allowance for Doubtful Accounts; and $1,345,000 in Sales. Uncollectible accounts are estimated to be 3.2% of sales. Unadjusted balances at December 31, 2021, were $454,000 for Accounts Receivable; $8,400 debit in Allowance for Doubtful Accounts; and $1,560,000 in Sales. Petunia Corp. changed the method of estimating uncollectible accounts to 9% of outstanding accounts receivable. Required 1. Prepare the 2020 and 2021 year-end adjusting entries to estimate uncollectible accounts. 2. Show how accounts receivable would appear on the December 31, 2020, balance sheet. 3. On April 20, 2021, Petunia decided that the $8,500 account of Rose Ltd. was uncollectible and wrote it off as bad debt. Prepare the entry. 4. On June 30, 2021, Rose Ltd. paid the $8,500; prepare the entry to record this receipt. 5. Assume now that Petunia Corp. does not use the allowance method, instead they use the direct write-off method. How would the entry differ from the entry in Requirement 3