course.com/platform/mod/quiz/attempt.php?attempt=41508768lcmid=248583&page=5 Return to course : My Subscriptions Joseph eBook stion 6 Not complete Marked out of 3.00 Flag question alyzing and Reporting Receivable Transactions and Uncollectible Accounts Using Percentage-of-Sales Method to Estimate Bad Debt Expense the beginning of the year, Penman Company had the following account balances. counts receivable $249,200 owance for uncollectible accounts 14,980 uring the year, Penman's credit sales were $1,405,600, and collections on accounts receivable were $1,374,100. The following additional transactions occurred during the year. eb. 17 Wrote off Bava's account, $5,740. May 28 Wrote off Reed's account, $3,360. ec. 15 Wrote off Fischer's account, $1,610. ec. 31 Recorded the bad debts expense assuming Penman's policy is to record bad debts expense as 0.9% of credit sales. (Hint: The allowance account is increased by 0.9% of redit sales regardless of write-offs.) Compute the ending balances in accounts receivable and the allowance for uncollectible accounts and show how Penman's December 31 balance sheet reports the two accounts. Note: Round your answers to the nearest whole dollar. Note: Do not use a negative sign with your answers. Current Assets Accounts receivable 0 Less allowance for uncollectible accounts O O Type here to search