On December 2, a customer signs a contract to buy an equipment and service plan bundle with cash. The equipment normally sells for $230 and is bundled with an 18-month service plan, which usually sells fo r $60 per month. The price for the bundle is $990 and the cost of the equipment to Smart Touch is $130. Smart Touch uses the perpetual inventory method and a relative sales value basis approach to allocate revenue between the equiment and the service plan. Round intermediary values to one decimal place and round final values to the nearest whole dollar Date Accounts Debit Credit cash cash cash Date Accounts Debit Credit On December 7, Smart Touch delivers equipment to a small retailer on consignment. The cost of the equipment was $1,200 and the combined retail selling price is $2,300. If the retail shop sells the equipment, Smart Touch will pay 20% commission. Both companies use a perpetual inventory method. Date Accounts Debit Credit On December 10, Smart Touch receives notification that APA Corp. from the November 21st transaction has gone out of business. Smart Touch estimates $7,000 allowance for uncollectible accounts and the bad debt expense, assuming that the company will not pay their balance owed. Accounts Debit Credit Date On December 10, paid for inventory purchased on December 1 Accounts Debit Credit Date