With the downturn of the economy, Crying Towels, Inc., the ofcial supplier of crying towels to 4D1k fund managers, anticipates an increase in uncollectihle accounts. Prepare the appropriate journal entries in good form for Crying Towels, Inc. The company uses the allowance method for recording bad debts. On December 31, 2013, Crying Towels, lnc. estimated that 3.5% of its net sales of $1,S, will become uncollectihle. On May 11, 2914, Crying Towels determined that Joe Biden's account($5,{l] was uncollectible