2. Show how Greel its December 31, 2018, balance sheet. on Objectives 1, 3 P9-30A Accounting for uncollectible accounts using the allowance m (percent-of-sales) and reporting receivables on the balan e sheet Net AR $119,800 Delta Watches completed the following selected transactions during 2018 and 2019: 2018 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method. Dec. 31 31 Made the closing entry for bad debts expense. 2019 Jan. 17 Sold merchandise inventory to Mack Smith, $400, on account. Ignore Cost of Jun. 29 Wrote off Mack Smith's account as uncollectible after repeated efforts to Aug. 6 Received $400 from Mack Smith, along with a letter apologizing for being so Dec. 31 Made a compound entry to write off the following accounts as uncollectible Goods Sold collect from him. late. Reinstated Smith's account in full and recorded the cash receipt Cam Carter, $1,400; Mike Venture, $1,200; and Russell Reeves, $400. Estimated that bad debts expense for the year was 2% on credit sales of 31 $510,000 and recorded the expense. 31 Made the closing entry for bad debts expense. Requirements 1. Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming the accounts begin with a zero balance. Record the transactions in the general journa (omit explanations), and post to the two T-accounts. 2. Assume the December 31, 2019, balance of Accounts Receivable is $136,000. Show how net accounts receivable would be reported on the balance sheet at that date