Now all work when making calculations): A) 2% of credit sales; the December 31, 2019 balance in the allowance account is a $8,000 credit. 5% of total receivables; the December 31, 2019 balance in the allowance account is a $6,000 debit C) As % of aged receivables (denoted above); the December 31, 2019 balance in the allowance account is a $2,000 credit Requirement (20 POINTS) Prepare the journal entries to record the transactions and events of below: 1/1/2019 Received $2,000 cash and accepted a $18,000, 90 day, 10% note from Yellow Tail in exchange for merchandise that sells for $20,000 (the cost of sale was $12,000). 2/1/2019 Completed a $5,000 credit card sale with a 3% fee (the cost of sales was $3,000). The cash is transferred immediately from the credit card company) 3/1/2019 Accepted a $6,000, 60 day, 5% note in granting Blue Fin a time extension on his past due account receivable. 4/1/2019 Received Yellow Tail's payment for principle and interest on the note dated Jan 1. 5/1/2019 Blue Fin dishonors the note dated March 1. 6/1/2019 Wrote-off Blue Fin's account receivable against the allowance for doubtful accounts. The Company uses the allowance method. 9/1/2019 Receives the full amount of $9,120 from Blue Fin that was previously written off on June 1. Record the bad debts recovery