Best & Less Company started first year operations on January 1, 2018. All transactions were on credit. At the year end. December 31, 2018, the company has accounts receivable balance of $200.000 and 2% of the outstanding balance was estimated as uncollectible. Management adopted allowance for doubtful account method for bad debt. Required: Journalize this transaction (without explanation to record the bad debt expense at the year-end. (2 marks) Best & Less continued second year operations with opening accounts receivable balance of $200.000. The company completed the following transactions in 2019. 1. Sold $768,500 of merchandise (that had cost $491,000) on credit, terms n/30. 2. Received $529,400 cash in payment of accounts receivable. 3. Wrote off $3,750 of uncollectible accounts receivable. 4. Adjusted bad debt expenses at year-end on December 31, 2019 following company policy on allowance for doubtful accounts. (The company used the perpetual inventory system. Round amounts to the nearest dollar.) Required: 1. Prepare journal (without explanations) to record the company's transactions (1. to 3. above) completed in 2019. 2. Prepare journal (without explanations) to adjust the bad debt expense at the year-end of 2019 (item 4. above). [Show detailed calculation for the amount journalized.] (14 marks) What is the difference between Accounts Receivable and Notes Receivable? (4 marks)