Question 8 (15 marks) Arctic Inc has the following accounts on its books at August 5, 2020 Accounts receivables Allowance for doubtful accounts $560,000 dr 3,500 dr The following transactions took place: a) August 8, Wiggles company, a customer went bankrupt, while still owing $ 5000 and this amount now is known to be uncollectible b) August 15, after examining the accounts receivable, management determined that a provision for uncollectibles of $ 15,000 is recommended c) August 20, the company received a payment in the amount of $ 4,000 for an account that was previously written off. d) August 31, the company determined that it had overestimated its allowance for bad debt account and estimated that it should be decreased by $ 6000 Required: a) Make all the necessary entries to record the transactions in the month of August 2020 b) What is the balance in the Allowance for doubtful accounts in the ledger after the above transactions have taken place?