Comerstone Exerclse 5-26 (Algorithmic) Write-Off of Uncollectible Accounts The Rock has credit sales of $465,000 during 2019 and estimates at the end of 2019 that 2% of these credit sales wil eventually defoult: Also, during 2019 customer defaults on a $1,800 balance related to goods purchased in 2019. Required: 1. Prepare the joumal entry to record the defaulted balance. X Fredbuck: voed My work 1 under the allowance method bad debt expense is recoypized in the penod ot sale (we nathed to the pernod the rovenue is rocoonized) Bad oebtexpense is not recognazed at the tine a spectic account is witten ofr as uncoblectoble 2. Prepare the adjusting entry to record the bad debt expense for 2019