Link Back to Chapter 4 (Closing Entries). Minnetonk Enterprises completed the fol- lowing selected transactions during 20X1 and 20X2: 20X1 Dec. 31 20X2 Estimated that uncollectible-account expense for the year was 2/3 of 1% on credit sales of $450.000, and recorded that amount as expense. 31 Made the closing entry for uncollectible-account expense. Feb. 4 Sold inventory to Sam Vesper, $1,521, on credit terms of 2/10 n/30. Ignore cost of goods sold. July 1 Oct. 19 Nov. 15 Dec. 31 31 31 Required Wrote off Sam Vesper's account as uncollectible after repeated efforts to collect from him. Received $521 from Sam Vesper, along with a letter stating his intention to pay his debt in full within 30 days. Reinstated his account in full. Received the balance due from Sam Vesper. Made a compound entry to write off the following accounts as uncollectible: Kaycee Britt. $899; Tim Sands. $530; and Anna Chin, $1,272. Estimated that uncollectible-account expense for the year was 2/3 of 1% on credit sales of $585,000 and recorded the expense. Made the closing entry for uncollectible-account expense. 1. Open general ledger accounts for Allowance for Uncollectible Accounts and Uncollectible-Account Expense. Keep running balances. 2. Record the transactions in the general journal, and post to the two ledger accounts. 3. The December 31. 20X2, balance of Accounts Receivable is $164,500. Show how Accounts Receivable would be reported on the balance sheet at that date.