Debit

Accounts receivable$140,000

credit

Allowance for doubtful accounts

$730

credit

Sales

610,000

debit

Sales returns and allowances

8,000

Preparejournal entries assuming that the estimate of uncollectible is determined by taking

(1)5% of gross accounts receivable

2)3% of gross accounts receivable (assuming a $730debit allowance account balance)