Question 7 (5 points) Franklin Company sells on credit to all of its customers The following information was taken from Franklin's accounting records. Balance of Accounts Receivable at 1/1/20: $490.000 Balance of Allowance for Doubtful Accounts at 1/1/20:21,000 Franklin recorded the following activity for 2020: Sales: $940,000 Cash collection from customers: 970,000 Customer accounts written off: 23,000 Prepare the journal entry to record bad debt expense for the year ended December 31, 2020 and state the correct balance in the Allowance for Doubtful Accounts as of December 31, 2020 assuming that Franklin estimates 10% of the ending accounts receivable balance will become uncollectible. Question 7 (5 points) Franklin Company sells on credit to all of its customers The following information was taken from Franklin's accounting records. Balance of Accounts Receivable at 1/1/20: $490.000 Balance of Allowance for Doubtful Accounts at 1/1/20:21,000 Franklin recorded the following activity for 2020: Sales: $940,000 Cash collection from customers: 970,000 Customer accounts written off: 23,000 Prepare the journal entry to record bad debt expense for the year ended December 31, 2020 and state the correct balance in the Allowance for Doubtful Accounts as of December 31, 2020 assuming that Franklin estimates 10% of the ending accounts receivable balance will become uncollectible