Problem #1 ( 10 Marks) On July 31, 2020, the company's year end, Diamond Drills had account balances as follows: Accounts Receivable $ 340,000 Allowance for Doubtful Accounts (credit balance). 5,200 The credit department has determined that $5,900 of the total accounts receivable should be written off before preparing the year end adjusting journal entry for uncollectible accounts. Diamond estimates 5% of the remaining accounts receivable (after the write off) will be uncollectible at year end (based on an aging analysis). Instructions: a) Prepare the journal entry to record the write off of accounts receivable at year end (as determined by the credit department). (4 marks) b) Prepare the adjusting journal entry to record the estimate of ancollectible accounts receivable at year end (based on the aging analysis). (4 marks) c) Assume instead that Diamond Drills decides to estimate its uncollectible accounts receivable as 3% of its net credit sales of $500,000. What would be the adjusting journal entry in this case? (2 marks) SHOW ALL CALCULATIONS