1. On Dec. 31, 2006, Snazzle Company was preparing to adjust the accounts receivable account Accounts Receivable balance, January 1, 2006 Allowance for Uncollectible Accounts balance, January 1, 2006 Sales Revenue, year ended December 31, 2006 Uncollectible accounts written off during fiscal 2006 Cash payments collected on accounts, fiscal 2006 $35,500 debit $1,500 credit $480,000 $700 $85,000 60% of the Sales Revenue in 2006 was for cash sales, the remainder was on account. The company uses the percentage of net credit sales method. They estimate that 2.20% of their sales on account will become uncollectible. a. Show the adjusting journal entry needed to record Bad Debt Expense for fiscal 2006. b. What are the balances in Accounts Receivable and Allowance for Uncollectible Accounts (after adjustments) on December 31, 2006