PROBLEM II1-Accounting for Accounts Receivable eart On June 18, 2018, Prime Co. sold 50 air-conditioning units to L&P Heating and Cooling The units list for $700 each, but LAP was given a 30% trade discount. All of Prime ssales are subject to terms 2no, no. Prime uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record Prime's sale of the air-conditioning units to L&P 2. Assume L&P paid Prime the correct amount for the air-conditioning units on June 25, 2018. Record Prime's journal entry to recognize this payment from L&P 3. Assume L&P paid Prime the correct amount for the air-conditioning units on July 17, 2018. Record Prime's journal entry to recognize this payment from L&P Part B On December 31, 2018, Jacobsen Inc's allowance for uncollectible accounts was $40,000. During 2019, Jacobsen wrote off $18,000 of accounts receivable and unexpectedly collected $6,000 of accounts that had been previously written off. At December 31, 2019, Jacobsen calculates that $49.400 of their accounts receivable will not be collectible. Required Record Jacobsen's journal entry to write off the $18,000 of accounts receivable. 1. Record Jacobsen's journal entries to collect the $6,000 of receivables previously written off. 2. Record the adjusting entry Jacobsen would make on December 31, 2019, to record bad debts expense. 3