Question 5 (10 marks - 20 minutes) JL Picard Inc. has provided the following information relating to its sales for the past year, which ended December 31, 20x8. The company uses the balance sheet (accounts receivable) method o accounting for bad debt expense. 5% $2,000 C Estimated % of accounts receivable that will be uncollectable Jan 1, 20x8 balance in the allowance for doubtful account Jan. 1,20x8 balance in the accounts receivable account Credit sales (20x8) Write offs of uncollectible accounts receivable (20x8) Collections of previously written off amounts (208) Cash received in payment of accounts receivable (20x8) $40.000 de $650,000 $6,200 $900 $570,000 Required Prepare all journal entries to record the activity for JL Picard for 20x8. Furthermore, prepare any Journal entries required at December 31, 20x8 to record bad debt expense for the year