Sports Car Parts Ltd. distributes carbon fiber parts for customization of sports cars. The company has a broad customer base, and routinely sells on credit. Annually, the company reviews and updates its allowance for uncollectible accounts. Periodic write-offs against the allowance account are made throughout the year when individual accounts are deemed to be worthless. Following are relevant facts for the year 2020 The beginning balance in 2020 for Allowance for Uncollectible Accounts was $18,000. During the year, $40,000 of uncollectible accounts were written off against the allowance. The total ending balance of all accounts receivable in 2020, adjusted for the write-offs, is $2,300,000 (a) Show the journal entry to record the $40,000 of write-offs recognized by Sports Car Parts Ltd. In 2020. (Points: 12) Account Debit Credit To record the write off of uncollectible accounts (b) Assuming that Sports Car Parts uses the Percentage of Receivables method, and the company estimates 3% of its Accounts Receivable as uncollectible, what end of year adjusting entry is needed? (Points: 12) Account Debit Credit To adjust the allowance account from a $18,000 balance to the torget balance of (0) Use the space below to show how the Accounts Receivable and Allowance will appear on the Balance Sheet for 2020? (including the amounts) (Points: 6) (d) Answer: How much expense will appear in Sports Car Parts Ltd's 2020 income statement as Bad Debts expense? (Points: 2)