Scenario: You are the Accountant for WanneBee Corporation WannaBee Corporation has $1,500,000 of Receivables on December 31, 2000.WannaBee uses the Allowance Method and historical data indicates that 7% of receivables become uncollectible.The end of year balance in the ADA is 0. The following are the 2000 end of year receivables. AR- Goodboy$25,000AR-NannyNancy$250,000 AR-BusyBody$75,000AR-AlphaBetCo$130,000 AR-DippyDo$55,000AR-TipsyTurvy$98,000 AR-MerryMen$145,000AR-HappyHart$289,000 AR-CurlyCues$211,000AR-MityMan$47,000 AR-PrettyPenny$109,000AR-JumpingJax$66,000 During 2001 the following events occurred: Goodboy defaulted. BusyBody declared bankruptcy but paid $19,000. DippyDo paid the account in full. MerryMen still owes $48,000. CurlyCues has not answered the phone for 8 months. PrettyPenny paid its account. NannyNancy paid $150,000 and on November 21 made a 120 note at 4% APRfor the remainder. AlphaBetCo paid its account in full. TipsyTurvy has closed its business. HappyHart paid its bill. MityMan still owes its account. JumpingJax paid ?? its bill and will not pay the rest. The Receivables balance at the end of the year is $2,235,000 Assignments: (1)Prepare the Required AJE for December 31, 2000. (2)Prepare the Required AJE for December 31, 2001. Attachments: Receivables-A.docx