QUESTION 5 27. Michael's Sports sells sports gear and athletic wear. On January 1, 2020, Michael's had the following account balances: Accounts Receivable $60,000 Less: Allowance for Doubtful Accounts (9,000) Net Accounts Receivable $ 51,000 Record the following journal entries for Michael's Sports during January, 2020. (9 points) a. During January, Michael's wrote off $12,000 in uncollectible accounts. Debit Credit Question Completion Status: a. During January, Michael's wrote off $12,000 in uncollectible accounts. Debit Credit b. During January, Michael's made credit sales of $300,000 and collected $240,000 of accounts receivable. Debit Credit c. At the end of the month, Michael's determines that approximately 8% of its ending accounts receivable balance will not be collected. Michael's uses the percentage of receivables method of calculating bad debts. (Hint: You must update the accounts receivable balance and allowance for doubtful accounts balance before preparing this journal entry)