Use the information from the following journal entries to answer the questions about Diamond Inc. for 2020. (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($80,000) and then post to the Account Receivable T-account. How much do Diamond's customers owe the company at December 31, 2020? 2. Start with the Allowance account's beginning credit balance, ($20,000) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Requirement 1. Start with the Account Receivable's beginning balance ($80,000) and then post to the Account Receivable T-account. How much do Diamond's customers owe the company at December 31, 2020? (Leave any unused cells blank.) Accounts Receivable ou prepared above, how much is the company o Beg. Bal. | Collections End. Bal. with the Allowance account's beginning credit ba pect not to collect? (Leave any unused cells bla Uncollectible Accounts Net credit sales Write-offs Allowance for Uncollectible Accounts ount you prepared above, how much does the comp Beg. Bal. End. Bal. xpects not to collect at December 31, 2020, $ Expense 1 At December 31, 2020, what is the net realizable Write-offs L....ealizable value of accounts receivable is $ Using the T-account you prepared above, how much does the company expect not to collect at December 31, 2020? The company expects not to collect at December 31, 2020, $ Requirement 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Diamond's net realizable value of accounts receivable is $ 1 Journal entries X Journal Entry Accounts Debit Credit 1. Accounts Receivable 1,040,000 Sales Revenue 1,040,000 2. || Cash 880,000 Accounts Receivable 880,000 3. Allowance for Uncollectible Accounts 14,000 Accounts Receivable 14,000 4. Bad Debt Expense 10,000 Allowance for Uncollectible Accounts 10,000