M Receivable (60 points) 1. The following information pertains to y information pertains to Sportco Corp: a company that sells sporting vous and apparel. At the end of 2002. Sportco had the following balances Credit sales AP 2,4670,000 AR 210,000 74,800 55,680 debit 568,000 Allowance account Cash sales portco Corp. uses the percentage-of-credit-sales method and estimates that 7% of the credit sales are uncollectible. (12 points) a) What is bad debt expense for the year b) What is the allowance account balance at 12/31/2002 after the year-end adjustment? c) Journalize the year end adjustment GENERAL JOURNAL PAGE POST. REF. DATE DESCRIPTION DEBIT