Cornerstone Exercise 5-26 (Algorithmic) Write-Off of Uncollectible Accounts The Rock has credit sales of $480,000 during 2019 and estimates at the end of 2019 that 2% of these credit sales will eventually default. Also, during 2019 a customer defaults on a $1,700 balance related to goods purchased in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. Record write-off of defaulted account 2. Prepare the adjusting entry to record the bad debt expense for 2019, Record adjusting entry for bad debt expense estimate