2 Exercise 5-7 Accounting for uncollectible accounts: Percent of revenue allowance method LO 5-1 3 potts Joey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2018, its first year of operations, Joey's Bike Shop experienced the following: Sales on account Cash sale Collections of accounts receivable Uncollectible sota charged oft during the year $299,900 674,500 284,905 Required Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that percent of its sales on account will not be collected. Answer the following questions: Hint Print a. What is the Accounts Receivable balance at December 31, 2018? b. What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all entries and adjusting entries are c. What is the amount of uncollectible accounts expense for 2018? d. What is the net realizable value of accounts receivable at December 31, 2018? a Accounts receivable b. Allowance for doubtful accounts Uncollect counts expense d. Netreatable value