The following Information applies to the questions displayed below.1 Mason Corporation uses the allowance method to account for its bad debts. They had credit soles of $740.000 in 2018. The following transactions occurred in 2018. a. On June 1, Arbor Corporation's b. On N balance of $720 was determined to be uncollectible and was witten off ovember 21. Arbor Corporation unexpectedly paid off their balance of $720 which hed been written back on June 1. c-On December 31, Mason Corporation estimates its bad debts ot 15% of its credit sales. 9.00 points for each transaction ao Journal entry workshee View transaction list Journal entry worksheet K12 h 3 4 5 6 Record the reversal of the write-off of Arbor Corporation's $720 account. Note: Enter debits before credits. al J Clear entry View transaction list Journal entry worksheet K1 234 56 Record the receipt of the unexpected $720 from Arbor Corporation. Transaction b (2) Clear entry 1. Prepare journal entries for each above View transaction list Journal entry worksheet 2 3 5 6 Record the estimated bad debts for the year at 1.5% of its credit sales. Transaction Clear entry