Allowance for Bad Debts Bad Debts Expense Jan. 17 Jun. 29 Aug. 6 Dec 31 (Adi) Dec 31 (W/O) 2018 Dec. 31 Estimated that bad debts expense for the year was 3% of credit sales of $500,000 and recorded that amount as expense. The company uses the allowance method. 31 Made the closing entry for bad debts expense. 2019 Jan. 17 Sold merchandise inventory to Marty Viller, $1,000, on account. Ignore Cost of Goods Sold. Jun. 29 Wrote off Marty Viller's account as uncollectible after repeated efforts to collect from him. Aug. 6 Received $1,000 from Marty Viller, along with a letter apologizing for being so late. Reinstated Viller's account in full and recorded the cash receipt. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Bruce Kelly, $1,700; Maria Bennett, $1,300; and Raymond Jones, $650. 31 Estimated that bad debts expense for the year was 3% on credit sales of $540,000 and recorded the expense. 31 Made the closing entry for bad debts expense. * Requirements The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. Assume the December 31, 2019, balance of Accounts Receivable is $137,000. Show how net amounts receivable would be reported on the balance sheet at that date