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Clayco Company completes the following selected transactions during year 2005. Jul 14 Write off a $750 account receivable arising from a sale to Briggs company that Dates to 10 months ago.(company uses the allowance method) Jul 30 Clayco receives a $1000, 90 day, 10% note in exchange for merchandise sold to Sumrell company (the merchandise cost $600) Aug 15 Receives $2000 cash plus a $10000 note from JT co. in exchange for merchandise that sells for $12000 (its cost is $8000). The note is dated August 15, bears 12% interest, and matures in 120 days. Nov 01 Completed a $200 credit card sale with a 4% fee (the cost of sales is $150). The cash is received immediately from the credit card company. Nov 03 Sumrell Company refuses to pay the note that was due to Clayco Company on October 28. Prepare the journal entry to charge the dishonored note plus accrued interest to Sumrell Company's accounts receivable. Instructions 1. Prepare Journal entries to record the above events. 2. Prepare an adjusting journal entry as of December 31, 2005 assuming the following: a. Bad Debts expense is estimated to be $20400 by aging accounts receivables .The unadjusted balance of Allowance for Doubtful Accounts is $1000 debit. b. Assume that Bad debt expense is estimated using the percent of sales method. The allowance for Doubtful Accounts had a $1000 debit balance before adjustment, and the company estimates bad debts to be 1% of its credit sales of $2000000