Creekstone Jewellery had the following unadjusted balances in its general ledger accounts as of its year end date of December 31, 2020 DR. CR. Accounts receivable $1,422 100 Allowance for doubtful accounts $1,457 Sales revenue $15,871,000 July 17 80% of Creekstore's sales revenue for the 2020 year was generated from sales that were made on account The following events occurred during the 2021 year May 25 Customer Jonathan Smith paid the balance owing on his account of $5,200. Management wrote of this account receivable when the December 31, 2020 adjusting journal entries were made Management determined that the account receivable balance of 54.400 owing from Ralph's Custom Jewellery was uncollectible Crookstone follows the allowance method of accounting for bad debts. Required: 1. Prepare the adjusting journal entry for bad debits on December 31, 2020, assuming that bad debts expense is estimated to be 1.5% of credit salos (2 mark 2. Prepare the adjusting journal entry for bad debts on December 31, 2020 asuming that uncollectible accounts are estimated to be 1.5% of outstanding accounts receivable. (3 marks) 3. Prepare jumalates for the events that occurred on May 25 2021 and July 17 2021.3 marks