The December 31, 2019 balance sheet of Sauder Company had Accounts Receivable of 500,000 and a credit balance in Allowance for Doubtful Accounts of 33,000. During 2020, the following transactions occurred: sales on account 1,300,000; sales returns and allowances, 50,000; collections from customers, 1,215,000; accounts written off 35,000; previously written off accounts of 5,000 were collected. Instructions (a) Journalize the 2020 transactions. (b) If the company uses the percentage-of-receivables basis to estimate bad debts expense and determines that uncollectible accounts are expected to be 4% of accounts receivable, what is the adjusting entry at December 31,2020 ? Question 2 Prepare the journal entries to record the following transactions for Eklund Company which has a calendar year end and uses the straight-line method of depreciation. (a) On September 30, 2020, the company exchanged old delivery equipment and $24,000 for new delivery equipment. The old delivery equipment was purchased on January 1,2018 for $84,000 and was estimated to have a $12,000 residual value at the end of its 5-year life. Depreciation on the delivery equipment has been recorded through December 31, 2019. It is estimated that the fair value of the old delivery equipment is $39,000 on September 30 , 2020. (b) On June 30, 2020, the company exchanged old office equipment and $40,000 for new office equipment. The old office equipment originally cost $80,000 and had accumulated depreciation to the date of disposal of $35,000. It is estimated that the fair value of the old office equipment on June 30 was $50,000. The transaction has commercial substance