PROBLEM48%) On January 16, 2018, Whole Circle had sold goods for $5,000 to Smith on account customer, and finally decided to write off the account on December 31, 20 However, on April 4, 2019, the compa ny unex the remainder as thtedly received a check from Smith for $3,500. Whole Circle does not REQUIRED: Journalize the transactions on December 31, 2018 and April 4, 2019. (Whole Cirdle method.) uses the allowance Date Credit Description Debit PROBLEM 5 (4% ance for Bad Debts account of Great Sales Company has a credit balance of $2,000 before the adjusting entry f t expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 201 bad deb Net credit sales for the year amounted to $250,000. REQUIRED Prepare, in good form, the journal entry to record bad debts expense at December 31, 2018. Debit Credit Description Date