On December 30, 2018 Sob Rob LTD. Had the following results for it calendar year Cash Sales $725,000 Credit Sales $250,000 Accounts receivable Allowance for doubtful Accounts $125,000 $5,000 Credit The company uses the % of sales method to determine bad debt expenses The company assumes that 5% of totals sales will be uncollectible. On February 1st 2019, P. Coble's account of $2,000 was determined to be uncollectible and was written off. On June 5th, 2019 P. Coble paid his outstanding debt. Prepare juournal entries to record the above. Now assume that the company uses the % of Receivables method to determine estimated uncollectibles. The company assumes that 7% of receivables will be uncollectible Prepare the Journal entries to record bad debt expense for the period. % of Sales method Dec. 31 Dr CR 1-Feb 5-Jun 5-Jun