Part II (40 Points) A. Sales Transactions Prepare the necessary journal entries for the ASU Technology Company. Practice November 01: Sold$50,000 ofcomputer equipmentto Peace Company with a 10% trade discount under terms 2/10, n/30. ASU uses the gross method. November 30: ASU received payment from Peace Company. B. Uncollectible Accounts A trial balance of COB Company before adjustments included the following: Credit S500,000 Debit Sales Sales Returns and Allowance. Accounts Receivable Allowance for Doubtful Accounts $ 10,000 80,000 1,000 _1. If the estimate of uncollectibles is made by taking 2% of net sales, the amount of C. $8,000. D. $9,800. the adjustment is A. $6,000. B. $7,000. 2. If the estimate of uncollectibles is made by taking 10% of gross account receivables, the amount of the adjustment is A. $6,000 B. $7,000. C. $8,000. D. $9,800