Exercise 195 aC 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 Net Credit Sales $300,000 $400.000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 4,800 7 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 ]. E. Ford for $3,400 is uncollectible. 10 Received a check for $400 as payment on account from L. Young, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November Nov, 15 Received a check for $200 from L. Young as payment on her account. Date Account Titles and Explanation Debit Credit Aug. 10 Oct Sept. 12 Oct. 10 (To reinstate L Young account previously written off) (To record collection on account) Nov. 15 SHOW LIST OF ACCOUNTS Prepare the adjusting joumal entry to record the bad debt provision for the year ended December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 SHOW LIST ACCOUNTS What is the balance 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 Works