QUESTION 4 Wong & Wong Sdn Bhd. is manufacturing and selling electrical items in Kuala Lumpur. The December 31, 2018 Statement of Financial Position of Wong & Wong Sdn Bhd. had Accounts Receivable of RM 1,000,000 and a credit balance in Allowance for Doubtful Accounts of RM66,000. During 2019, the following transactions occurred: sales on account RM2,600,000; sales returns and allowances, RM100,000; collections from customers, RM2,430,000; Mr.Tan, a customer account written off RM70,000; written off amount of RM10,000 were collected from Mr. Tan. Required: (a) Journalize the 2019 transactions. (b) If the company uses the percentage-of-receivables basis to estimate bad debts expense and determines that uncollectible accounts are expected to be 3% of accounts receivable, what is the adjusting entry at December 31, 2019? Show your calculations