Estimating Uncollectible Accounts and Reporting Receivables over Multiple Periods Weiss Company, which has been in business for three years, makes all of its sales on credit and does not offer cash discounts. Its credit sales, customer collections, and writeoffs of uncollectible accounts for its first three years follow.

Year	Sales	Collections	Accounts Written Off
2018	$1,099,500	$1,074,000	$7,950
2019	1,285,500	1,263,000	8,700
2020	1,417,500	1,392,000	9,750

a. Weiss recognizes bad debts expense as 1% of sales. (Hint: This means the allowance account is increased by 1% of credit sales regardless of any writeoffs and unused balances.) What does Weisss 2020 balance sheet report for accounts receivable and the allowance for uncollectible accounts?

Current Assets
Accounts receivable	Answer
Less allowance for uncollectible accounts	Answer	Answer