View Policies Current Attempt in Progress Potter Lid began operations in January 2019. On December 31, 2019, the end of its first year of operations, the balance in the company's Accounts Receivable account was $140,000. All of the company's sales are made on account, and during 2019, 80% of the total credit sales were collected and no accounts were written off as uncollectible Management estimated that 2% of the credit sales would be uncollectible. During the following year, 2020 Potter had sales totalling $938,000 it collected 75% of these sales, together with 95% of the outstanding receivables from 2019. During 2020, the company wrote off $19,300 of receivables from atomers whose accounts were determined to be uncollectible During the year, the company also recovered $3000 from customers whose accounts had previously been written oft (Note that the amount was not included in the collection figures given above) The company estimated its bad debts expense to be 2.5% of its credit sales Prepare the necessary journal entries for recording all the preceding transactions in the accounting stem of Potter Lid for 2019 and 2000 Credit account titles are automatically indented when amount is entered. Do not indent manually if no entry is required select "No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation 2019 Debit Credit De here to search (To record credit sales) 00 M 2823-06-12 D Question 5 of 5 2020 De groe the bad De record od s (reced cah calledted from natam) we off as judg = Type here to search 5 0 D Question 5 of 5 (To record bent collection of accounts that were previously written off) (To recognize the bad deb eTextbook and Media List of Accounts Type here to search Show the accounts receivable section of the statement of financial position at Damber 31, 2020 E C D 00 16 00 20-06-12 Question 5 of 5 Show the accountable section of the statement financial potion Dember 200 Potter L Statement of financial position Accounts Recevable, Net Textbook and Media List of Accounts Type here to search Using multiple attempts will impact your son 10% score reduction after attempt 21 Attempts of @00 AUTH 16