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Question 5 (10 marks - 20 minutes) Growing Crystals Corp, has provided the following information...

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Question 5 (10 marks - 20 minutes) Growing Crystals Corp, has provided the following information relating to its sales for the past year, which ended December 31, 2020. The company uses the balance sheet (accounts receivable) method of accounting for bad debt expenso. Estimated % of accounts receivable that will be uncollectable 5% $2,000 cr Jan 1, 2020, balance in the allowance for doubtful account (this is before any adjusting entries) Jan 1, 2020, balance in the accounts receivable account $40.000 de Credit sales (2020) Write off of uncollectible accounts receivable (2020) Collections of previously written oft amounts (2020) Cath received in payment of accounts receivable (2020) $650,000 56,200 $900 $570,000 Required 2. Prepare all journal entries to record the activity for the items listed above for 2020. (6 marks) Prepare any journal entries required at December 31, 2020 to record bad debt expense for the year (4 marks)

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