During its first year of operations, Precious Cargo, Inc. had sales of $$498,000,$ all on account. Industry experience suggests that Precious Cargo's uncollectibles $n$ amount to $1\%$ of credit sales. At December $31,2021,$ accounts receivable total $$52,000.$ The company uses the allowance method to account for uncollectibles.

Make Precious Cargo's journal entry for uncollectible$-$account expense using the percent$-$of$-$sales method.

Show how Precious Cargo should report accounts receivable on its balance sheet at December $31,2021.$

Make Precious Cargo's journal entry for uncollectible$-$account expense using the percent$-$of$-$sales method. $($Record debits first, then credits. Exclude explanation from journal entries.$)$

Journal Entry

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[$Dec $31,,,],[,,,],[,,,],[,,,]]$