Near the end of the year 2021 You have been assigned a Financial Consultant Position for PETRA Company. Your first Task was to evaluate the Net Realizable cash value of PETRA Accounts Receivable. PETRA Company used to assign a 5% of its Credit Sales as Bad debt expense. Find Allowance for Doubtful Accounts & Bad Debt Expense using all applicable accounting methods, Combined with the Adjusting Entries for 2021. [8Marks] Final recommendation for the best method to apply with brief justification is expected via Official Report. [4Marks] Good LUCK with your New Position Description Accounts Receivable Balance31/12/2020 $ 275000 Allowance for Doubtful Accounts Balance 31/12/2020(Credit) 4800 Credit Sales During 2021 Collection During 2021 Written off Accounts An aging of the accounts receivable for the Year2021 revealed the following: Estimated Percentage Description Amount Total of Uncollectible Current Accounts 200000 1% 1-30 days past due 150,000 2% 31-60 days past due 80,000 3% 61-90 days past due 20,000 10% Over 90 days past due 35,000 40% Total 345000 135000 10000 The Written off Accounts has been written off after Aging Table has been accomplished, & accounts were chosen among the (Over 90 days Past due) class. 1): 8 Marks On March 31, 2020 Amman Company had a cash balance per books of JD 20636. The bank statement from Arab Bank on that date showed a balance of JD 62686. A comparison of the statement with the cash amount revealed the following situations. 1- On March 16, cash sales of JD 39381 were deposited in the bank, and Amman company's account was credited with that correct amount by the bank. However, the cash receipts errors journal entry and the deposit slip were erroneously made for JD 33918 Book (-) 5463 2- Deposits in transit totaled JD 39151 BAK (+) 3- On March 31, outstanding checks totaled JD 91250 Bank (-) 4- On March 31, the bank collected a note receivable with the amount of JD 2058 on company's behalf plus JD 40 interest. The bank charged a collection fee of JD 15 and no interest has been accrued on the note Book (+) 5- On March 19, check No. 00121 for JD 19540 was issued by Amman Company to Al-Arab Company on account. The check, which cleared the bank in March, was erroneously journalized and posted by Amman Company for 1945. Book (-) 17595