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Paul's Plumbing started operations on June 15th of 2020, Almost all of the company's sales are on account. Paul's Plumbing uses the allowance method to account for accounts receivables and the year- end is December 31 Required: Prepare the necessary journal entries for the following items. Date each journal entry. Please leave a space between journal entries_(No explanations required.) YEAR 2020 Dec 1 Paul's Plumbing lent $20,000 cash to Jamie's Junk Yard, receiving a 4-month, 6% note (2 marks) Dec 31 Paul's Plumbing decided to use a percentage of sales method to estimate bad debt of the $80,000 in sales made during the year, 80% were made on account. The company decided to use 1.75% of credit sales to estimate bad debt. Because the company is new, there is no balance in the allowance for doubtful accounts at this point. (3 marks) Dec 31 Accrued interest on the note receivable. (2 marks) YEAR 2021 I Jan 28 Greenacres Development went into receivership. Greenacre had an outstanding account with Paul's Plumbing for $1,250. Paul's Plumbing decided to write off Greenacre's account. (2 marks) March 31 Received full payment (including interest) from Jamie's Junk Yard on the 4-month note issued on Dec 18 (3 marks) Sept 14 ABC Accounting Services, the receiver in Greenacres bankruptcy, submitted a cheque to Paul's Plumbing for $525. This will be the only payment on the outstanding account (4 marks) Dec. 31 Paul's Plumbing aged his accounts receivable, and estimates that $2,700 of his current receivables are uncollectable. Credit sales for the year were $210,000 and total sales were pa Paul's Plumbing started operations on June 15th of 2020, Almost all of the company's sales are on account. Paul's Plumbing uses the allowance method to account for accounts receivables and the year- end is December 31 Required: Prepare the necessary journal entries for the following items. Date each journal entry. Please leave a space between journal entries_(No explanations required.) YEAR 2020 Dec 1 Paul's Plumbing lent $20,000 cash to Jamie's Junk Yard, receiving a 4-month, 6% note (2 marks) Dec 31 Paul's Plumbing decided to use a percentage of sales method to estimate bad debt of the $80,000 in sales made during the year, 80% were made on account. The company decided to use 1.75% of credit sales to estimate bad debt. Because the company is new, there is no balance in the allowance for doubtful accounts at this point. (3 marks) Dec 31 Accrued interest on the note receivable. (2 marks) YEAR 2021 I Jan 28 Greenacres Development went into receivership. Greenacre had an outstanding account with Paul's Plumbing for $1,250. Paul's Plumbing decided to write off Greenacre's account. (2 marks) March 31 Received full payment (including interest) from Jamie's Junk Yard on the 4-month note issued on Dec 18 (3 marks) Sept 14 ABC Accounting Services, the receiver in Greenacres bankruptcy, submitted a cheque to Paul's Plumbing for $525. This will be the only payment on the outstanding account (4 marks) Dec. 31 Paul's Plumbing aged his accounts receivable, and estimates that $2,700 of his current receivables are uncollectable. Credit sales for the year were $210,000 and total sales were pa