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Accounts Receivable (12 points) Shelton Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: January 1 Estimated that $20,000 worth of sales would not be collected during the year and made the appropriate entry. January 5 Sold merchandise to Luke Ryan for $1,700, terms n/15. April 15 Received $500 from Luke Ryan for payment on his account. August 21 Wrote off as uncollectible the balance of the Luke Ryan account when he declared bankruptcy