The following is information taken from the June $30,2020,$ balance sheet of Tippleton Company: Accounts receivable$$360,000$ Less: Allowance for doubtful accounts $15,600$ $$344,400$ Part $1$ During July, Tippleton Company recorded total sales of $$958,000,$ all on credit. There were $$34,000$ of sales returns and allowances. Collections during July were $$1,044,000.$ Total receivables identified as being uncollectible and written off during July were $$19,000.$ Tippleton estimates bad debts as $1\%$ of net credit sales. Required: Prepare the adjusting entry to record estimated bad debts for July. Part $2$ During August, total sales of $$1,069,000$ were recorded, all on credit. Sales returns and allowances totalled $$18,000.$ Collections during the month were $$914,000,$ which included the recovery of $$2,000$ from a customer account written off in a previous month. No accounts were written off during August. Tippleton Company changed its method of estimating bad debts to the balance sheet approach because the new accountant said it more accurately reflected uncollectible accounts. The resulting aging analysis determined total estimated uncollectible accounts at August $31$ to be $$15,000.$ Required: Prepare the August $31$ adjusting entry to record estimated bad debts for August.