JL Picard Inc. has provided the following information relating to its sales for the past year, which ended December 31, 20x8. The company uses the balance sheet (accounts receivable) method of accounting for bad debt expense. Estimated % of accounts receivable that will be uncollectable 5% $2,000 cr Jan. 1. 20x8 balance in the allowance for doubtful account (this is before any adjusting entries) Jan. 1, 20x8 balance in the accounts receivable account $40,000 dr Credit sales (20x8) Write offs of uncollectible accounts receivable (20x8) Collections of previously written off amounts (20x8) Cash received in payment of accounts receivable (20x8) $650,000 $6,200 $900 $570,000 Prepare all journal entries to record the activity for IL Picard for 20x8. Furthermore, prepare any journal entries required at December 31, 20x8 to record bad debt expense for the year