King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving King's assistance. King estimates that 2% of its $675,000 credit sales in 2019 will be uncollectible. Dunng 2020, King wrote of $2.700 related to services performed in 2019. Required 1. Prepare the journal entry to record the defaulted balance. Record write-off of defaulted account 2. Prepare the adjusting entry to record the bad debt expense for 2019