3 eBook Print Question 5 Incorrect Mark 0.00 out of 10.00 P Flag question Analyzing and Reporting Receivable Transactions and Uncollectible Accounts Using Percentage-of-Sales Method to Estimate Bad Debt Expense At the beginning of the year, Penman Company had the following account balances. Accounts receivable $284,800 Allowance for uncollectible accounts 17,120 During the year, Penman's credit sales were $1,606,400, and collections on accounts receivable were $1,570,400. The following additional transactions occurred during the year. Feb. 17 Wrote off Bava's account, $6,560. May 28 Wrote off Reed's account, $3,840. Dec. 15 Wrote off Fischer's account, $1,840. Dec. 31 Recorded the bad debts expense assuming Penman's policy is to record bad debts expense as 0.9% of credit sales. (Hint: The allowance account is increased by 0.9% of credit sales regardless of write-offs.) Compute the ending balances in accounts receivable and the allowance for uncollectible accounts and show how Penman's December 31 balance sheet reports the two accounts. Note: Round your answers to the nearest whole dollar. Note: Do not use a negative sign with your answers. Current Assets Accounts receivable Less allowance for uncollectible accounts $ 0X 0 x $ OX Check Incorrect Marks for this submission: 0.00/10.00. Previous 2 Save Answers Next >