Analyzing and Reporting Receivable Transactions and Uncollectible Accounts (using percentage of sales method) At the beginning of the year, Penman Company had the following account balances. Accounts receivable.... $125,000 Allowance for uncollectible accounts.... 8,200 During the year, Penman's credit sales were $1, 241,000 and collections on accounts receivable were $1,195,000. The following additional transactions occurred during the year. Feb. 17 Wrote off Nissim's account, $4,100. May 28 Wrote off Weiss's account, $2,400. Dec. 15 Wrote off Ohlson's account, $1,100. Dec. 31 Recorded the bad debts expense assuming that Penman's policy is to record bad debts expense 0.8% of credit sales. Compute the ending balances in accounts receivable and the allowance for uncollectible accounts. Show how Penman's December 31 balance sheet reports the two accounts