Ego Corporation makes and sells clothing to fashion stores throughout the country. On December 31, 2020, before adjusting entries were made, it had the following account balances on its books: Accounts receivable Sales revenue, 2020 Sales returns and allowances Allowance for bad debts (credit balance) Required: P 2,320,000 16,000,000 900,000 6,000 1) Prepare the entry to record the sales revenue. 40% of sales revenue were received in cash and 60% were credit sales. 2) Prepare the entry to record the sales returns and allowances. Assume that sales returns and allowance pertain to credit sales. 3) Make the appropriate adjusting entry on December 31, 2020, to record the allowance for bad debts if uncollectible accounts are estimated to be 1% of net credit sales. 4) Make the appropriate adjusting entry on December 31, 2020, to record the allowance for bad debts if uncollectible accounts are estimated on the basis of an aging of accounts receivable. The aging schedule reveals total estimated uncollectible receivables of P50,000. 5) Assume that on March 17, 2020, it was determined that a $35,000 account receivable from Magic Shop is uncollectible. Record the write-off of this bad debt, assuming: a. The direct write-off method is used. b. The allowance method is used. 6) Further assume that on June 6, 2020, Ego Corporation received the previously written-off $35,000 receivable from Magic Shop. Record the payment, assuming a. The direct write-off method had been used on March 17 to record the bad debt. b. The allowance method had been used on March 17 to record the bad debt