Question 2 Download Experts Inc. (DEI) sells discounted cellphone data plans to college students. In 2021, sales for the year were $840,000, all on credit. DEI initially records bad debt expense as 1% of credit sales. On January 1, 2021, the balance in the allowance for doubtful accounts was $9,000. During 2021, DEI decided to write off $4,800 in uncollectible accounts. It also recovered $2,600 of previously written-off amounts during 2021. At year end, management reviewed outstanding receivables, and decided that a balance of $16,000 would be appropriate for the allowance account. Required: 1. Prepare the journal entry for the initial recording of bad debt expense in the year (1 marks). 2. Prepare the journal entries for: a. The write-off of uncollectible amounts in 2021 b. The collection of previously written-off amounts in 2021. (2 marks) 3. Prepare the adjusting journal entry needed to bring the allowance account to its appropriate year-end balance. (2 marks)