GIVEN: $40,00012/31/20 Balance in A/R $50,000 Credit Sales or Sales on Account during 2020 Using the Allowance Method, calculate Bad Debt Expense at 12/31/20 under both approaches 1 \& 2 below and make journal entries assuming the Allowance for Uncollectible Accounts has a 12/31/20 balance as follows before the adjusting entry: A. credit balance of $1,000 and B. debit balance of $1,000 1. 10% of Sales on Account 2. Aging of the Accounts Receivable shows $10,000 as uncollectible