Picard Inc. has provided the following information relating to its sales for the past year, which ended December 31, 20×8. The company uses the balance wheet (accounts receivable) method of accounting for bad debt expense Estimated of accounts receivable that will be uncollectable 5% $2,000 cr Jan 1, 20×8 balance in the allowance for doubtful account (this is before any adjusting entries) Jan 1, 2018 balance in the accounts receivable account $40,000 dr Credit sales (2008) Write off of uncollectible accounts receivable (2048) Collections of previously written off amounts (2008) Cath received in payment of accounts receivable (2048) 5650,000 56,200 5900 $570,000 Prepare all journal entries to record the activity for JL. Picard for 2018. Furthermore, prepare any journal entries required at December 31, 2018 to record bad deht expense for the year
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