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Analyzing and Reporting Receivable Transactions and Uncollectible Accounts Using Percentage-of-Sales Method to Estimate Bad Debt Expense At the beginning of the year, Penman Company had the following account balances. Accounts receivable $427,200 Allowance for uncollectible accounts 25,680 During the year, Penman's credit sales were $2,409,600, and collections on accounts receivable were $2,355,600. The following additional transactions occurred during the year. Feb. 17 Wrote off Bava's account, $9,840. May 28 Wrote off Reed's account, $5,760. Dec. 15 Wrote off Fischer's account, $2,760. Dec. 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 credit 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 $ 435,479 X Less allowance for uncollectible accounts 21,200 * $ 21,521 x