ENTRIES FOR BAD DEBT EXPENSE USING ALLOWANCE METHOD (10 points) Eastwick Virus Enterprises uses the allowance method. Prepare the journal entries for March 2020: a) Sales of $500,000 ($420,000 on account, $80,000 for cash) b) Collections on account, $425,000. c) Write-offs of uncollectible receivables, $6,500 d) Recovery of receivable previously written off, $1,000 e) Journalize the year end allowance entry for uncollectible accounts. Based on history the adjustment amount will be $5,200