B. ICHIRO COMPANY: Note: Ichiro management team estimates the percentage of uncollectible credit sales to be 1.2% of total credit sales. 1. Transactions: During 2018, (a) sales on account were $3,200,000 and (b) collections on account were $2,950,000. (c) Unfortunately, $35,000 in uncollectible accounts had to be written off. Journalize these three transactions. 2. Set-up T-accts: At the beginning of 2018, the balances for Gross Accounts Receivable and Allowance for Doubtful Accounts were $430,000 and $31,700, respectively. Neatly, set up T-accounts for Gross A/R and AfDA now. 3. 4. 5. Post and Summarize: Post the entries above to the T-accounts. Determine the year-end balance of Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Adjustments: Based on the Note above, make the year-end Adjusting Journal Entry to record the Bad Debt Expense for 2018. Amount calculated = $ Balance Sheet Presentation: Prepare the year-end balance sheet presentation for A/R, gross; Allowance for Doubtful Accounts; and A/R, net at the end of 2018 and at the end of 2017.(i.e., present comparative balance sheets) 2019: On January 13, 2019, Alex Inc., a customer, filed for bankruptcy, and alerted Ichiro Co. that it would not be paying the $750 due to Ichiro Co. Prepare the necessary journal entry, 6