Company L had the following data for 2016: Net Credit Sales Outstanding Receivables on 12-31-16 Allowance for Doubtful accounts on 1-1-16 Accounts written off in May 2016 Payment received after account was written off $ 1,200,000 $ 350,000 $ 22,000 $ 25,000 $ 2,000 Write the journal entry to record the accounts written off in May 2016: Write the journal entry to record the payment received after the account was written off: Assume Company L uses the percent-of-sales method to determine the allowance, and expects that 2.5% of accounts will be uncollectible. Write the AJE necessary at the end of the year to record bad debt expense: Assume that Company Linstead estimates that 10% of the outstanding receivables on 12-31-16 will not be collectible. Write the AJE necessary at the end of the year to record bad debt expense: Complete the chart below: Balance in Allowance for Doubtful Accounts after all transactions, including AJE Net Realizable Value of Accounts Receivable after all transactions and AJE Percent-of-Sales Method Percent of Receivables Method