Scenario #2-On December 31, 2017 prior to adjusting entries, DEEcompany had the following balances in its records: Accounts Receivable Allowance for Doubtful Accounts Credit Sales Revenue (net) 50,000 1,000 280,000 DEF uses theof recevables method of estimating uncollectible accounts and past history indicates that 5% is an appropriate estimate. n) What adjusting entry should be made? o) What item(s) & amount(s) will be shown on the Income Statement? p) What item(s) & amountis) will be shown on the Balance Sheet? a) What is the balance of Accounts Receivable? What does that mean? r) What is the net realizable value of Accounts Receivable? What does that mean? s) Is the Allowance for Doubtful Accounts account permanent or temporary? On January 20, 2018, DEF Company learns that customer Jane Jones has declared bankruptcy and decides to write off her $200 account. t) What entry should be made to write off the account? u) What is the net realizable value of Accounts Receivable after this entry is made? On March 1, 2018, ABC Company receives a check for $200 from Jane Jones to pay off her account. v) What entry(ies) should be made to record this event? During 2018, DEF Company's credit sales revenue (net) totaled $240,000 and collections on Accounts Receivable totaled $230,000 (including Jane Jones' $200). w) What is the balance in the Accounts Receivable account prior to adjusting entries? x) What is the balance in the Allowance account prior to adjusting entries? y) What adjusting entry should be made? z) What is the net realizable value of Accounts Receivable to be shown on the 12/31/18 Balance Sheet