On April 30, 2020, Eagle Mountain Party Planners (EMPP) had a $35,000 balance in Accounts Receivable and a $2,600 credit balance in Allowance for Uncollectible Accounts. During May, EMPP made credit sales of $78,000. May collections on account were $55,000, write-offs of uncollectible receivables totalled $2,500, and an account of $1,300 was recovered. Bad debt expense is estimated to be $7,020. Requirements 1. Journalize sales, collections, write-offs of uncollectibles, recovery of accounts receivable, and bad debt expense by the allowance method during May. Explanations are not required. 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at May 31. How much does EMPP expect to collect? 3. Show how EMPP will report Accounts Receivable on its May 31 balance sheet. Use the format "Accounts Receivable, net of allowance for uncollectible accounts of $-" at May 31 , 2020. Insert the value you've calculated for the allowance. (e) Record the entry to journalize the recovered account