At September 30, 2018, the accounts of Park Terrace Medical Center (PTMC) include the following Accounts Receivable $ 146,000 Allowance for Bad Debts (credit balance) 4,000 During the last quarter of 2018, PTMC completed the following selected transactions: Click the icon to view the transactions.) Read the requirements Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Joumalize the transactions (omit explanations) and post to the two accounts. Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Sales on account, $480,000. Ignore Cost of Goods Sold. Date Accounts and explanation Debit Credit 2018 Dec 31 Accounts Receivable 480,000 Sales Revenue 480,000 Debit Credit Collections on account. 5432,700 Date Accounts and Explanation 2018 Dec 31 Cash Accounts Receivable 432.700 432,700 More Info Sales on account, $480,000. Ignore Cost of Goods Sold. Collections on account, $432,700 Wrote off accounts receivable as uncollectible: Starlight Co. $1,700. Omar Smith, $1,400 and Placid, Inc., $500 . Recorded bad debts expense based on the aging of accounts receivable, as follows: Wrote off accounts receivable as uncollectible: Starlight Co., S1,700; Omar Smith, $1,400; and Placid, Inc., $500 Date Accounts and Explanation Debit Credit 2018 Dec 31 Allowance for Bad Debts 3.500 Accounts Receivables-Starlight Co. 1,700 Accounts Receivable-Omar Smith 1,400 Accounts Receivable-Placid, Inc. 500 Recorded bad debts expense based on the aging of accounts receivable Date Accounts and Explanation 2018 Dec. 31 Bad Debts Expense Allowance for Bad Debts Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 97,000 $ 35,000 $ 13.000 $ 44,700 0.2% 2% 20% 25% Credit Accounts Receivable Estimated percent uncollectible Print Done Requirements 1. Open Taccounts for Accounts Receivable and Alowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. 3. Show how Park Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet