A company started the year with accounts receivable of $30,000 and an allowance for uncollectible accounts of $(3,500). During the year, sales (all on account) were $90,000 and cash collections for sales amounted to $82,000. Also, $3,400 worth of uncollectible accounts were specifically identified and written off. Then, at year end, the company estimated that 2% of ending accounts receivable would be uncollectible. Requirements 1. Record the transactions including beginning balances) into the accounting equation. 2. What amount will be shown on the year-end income statement for bad debts expense? 3. What is the balance in the allowance for uncollectible accounts after all adjustments have been made? Requirement 1. Record the transactions including beginning balances) into the accounting equation. Some account names will be abbreviated. Enter the beginning balances and record the transactions into the accounting equation. (Round your calculations to the nearest dollar. Use parentheses or a minus sign when decreasing components or entering contra account balances and increases to those accounts. Leave unused cells blank, including accounts with a zero balance.) - + Assets Account Liabilities Account Shareholders' Equity Contributed Capital + Retained Earnings Account $ Account i Definition $ Beg. bal + + + 1. Net credit sales were $90,000 2. Cash collections for sales amounted to $82,000. 3. $3,400 of specific customer accounts were written off. 4. The company estimated that 2% of ending accounts receivable would be uncollectible + + + + + Print Done + + + + + + Requirement 2. What amount will be shown on the year-end income statement for bad debts expense? (Enter as a positive number.) The current period's bad debt expense is $ . Requirement 3. What is the balance in the allowance for uncollectible accounts after all adjustments have been made? (Enter as a positive number.) The balance in the allowance account after adjustment is $( )