Blackboard Remaining Time: 13 minutes, 05 seconds. Question Completion Status: 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 21 22 23 Credit Sales $2,200,000 Allow for Doubtful Acets. (1/1/21) 4,500 (credit balance) Acct. Receivable (1/1/21) 65,200 Annual bad debts are estimated to be 2.5% of credit sales. An account with a balance of $1,400, previously written off, is collected during 2021. Furthermore, 51,000 in the accounts were written off in 2021 as uncollectible. Required 1 (2 points): What approach is used to estimate the bad debt under the allowance method for the company described above? Required 2 (10 points): Record the journal entries to record bad debt expense for the period, the collection of previously written off account, and write of uncollectible accounts during year Required 3 (3 points): The balance in the Allowance for Doubtful Accounts at December 31, 2021 (after all journal entries and adjustments) would be Use the space provided below to answer each requirement indicate the question being answer as Reg 1, 2 or 3 (see example below) "Req 1: The approach used is XXX "Reg 2: If you need journal entries you can indicate this as follows (I am giving you an example journal entry that is completely unrelated to the problem so you can see the debit and Credit Cash XXX Sales Revenue xxx I just spaced to create the indents for debits and credits." "Req 3: Show any work to get to answer provided