Exercise 195 a-c Tubbs Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2019, and December 31, 2020, appear below: 12/31/19 12/31/20 $300,000 $400,000 80,000 Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 60,000 4,800 Record the following events in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Aug. 10 Determined that the account of L. Young for $600 is uncollectible. Sept. 12 Determined that the account of J. E. Ford for $3,400 is uncollectible. Oct. 10 Received a check for $400 as payment on account from L. Young, whose account had previously ben written off as uncollectible. She indicated the remainder of her account would be paid in November. Received a check for $200 from L. Young as payment on her account. Nov. 15 Credit Debit Account Titles and Explanation Date Aug. 10 Sept. 12 Oct. 10 Oct. 10 (To reinstate L. Young account previously written off) (To record collection on account) Nov. 15 Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2020. (Credit acco are automatically indented when the amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Dec. 31 What is the balance of Allowance for Doubtful Accounts at December 31, 2020? Balance of allowance for Doubtful Accounts at December 31, 2020 Click if you would like to Show Work for this question: Open Show Work