ENTRIES FOR BAD DEBT EXPENSE USING ALLOWANCE METHOD (10 Points) Prepare the journal entries for the following transactions assume the company uses the allowance method for accounting for bad debt. For the year ended December 31, 2017, the Lovato Licensing Corp. had the following transactions Date Transaction Jan 1 Wrote off account of Confident Corporation $10,000 Feb 14 Received $5,000 as partial payment on the $25,000 account of Cool for the Summer Air Conditioning Company. Wrote off the remaining balance as uncollectible April 1 Received the $10,000 from Confident Corporation whose account had been written off on Jan 1 Reinstated the account and recorded the cash receipt. Dec 31 Wrote off the following account as uncollectible: Unbroken Ceramics Inc $400 Dec 31 Journalize the year end allowance entry for uncollectible accounts. Based on history the adjustment amount will be $60,000