. 3. Tecom had net sales of $315,000 and average accounts receivable of $75,600. Its competitor, 2Com, hod sales of $299,000 and average accounts receivables of $81,3s0. Calculate the accounts receivable lumover for both companies. Which company is doing a better job of managing its accounts receivables? 4. The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurTed: Sept. 7 Oct. 15 Nov. 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does not expet further collections from the Helena Company. Connecting Company estimates lhat 0.5% of its S,900,000 of credit sales would be uncollectible Dec. 31 1. Prepare the general jounal entries to record these transactions 2 If the balance of the allowance for uncollectible accounts was an $8,000 credit on January 1 of the crrent year, determine the balance of the allowance for doubtful accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecting the allowance for doubtul accounts during the year