Learning Obj 00.29A Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet At September 30, 2018, the accounts of Green Terrace Medical Center (GTMC) include the following 12. Allowance C Dec 31, 2018 Accounts Receivable Allowance for Bad Debts (credit balance) $ 145,000 3,500 During the last quarter of 2018, GTMC completed the following selected transactions: Sales on account, $450,000. Ignore Cost of Goods Sold. Collections on account, $427,100 Wrote off accounts receivable as uncollectible: Regan, Co., $1,400; Owen Reis, $800; and Patterson, Inc., $700 Recorded bad debts expense based on the aging of accounts receivable, as follows: 1-30 Days Age of Accounts 31-60 61-90 Days Days $39,000 $14,000 3% 30% Over 90 Days $8,000 35% Accounts Receivable Estimated percent uncollectible $ 104,000 0.3% tives 1, 3 its December 31, 2018, balance sheet P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Delta Watches completed the following selected transactions during 2018 and 2019: Oct. 31 Dec. 31 AR $119,800 201 Apr. Jun. 2018 Dec. 31 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method. 31 Made the closing entry for bad debts expense. 2019 Jan. 17 Sold merchandise inventory to Mack Smith, $400, on account. Ignore Cost of Goods Sold. Jun, 29 Wrote off Mack Smith's account as uncollectible after repeated efforts to collect from him. Aug. 6 Received $400 from Mack Smith, along with a letter apologizing for being so late. Reinstated Smith's account in full and recorded the cash receipt. Aug Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Cam Carter, $1,400; Mike Venture, $1,200; and Russell Reeves, $400. 31 Estimated that bad debts expense for the year was 2% on credit sales of $510,000 and recorded the expense. 31 Made the closing entry for bad debts expense. Po Requirements 1. Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. 2. Assume the December 31, 2019, balance of Accounts Receivable is $136,000. Show how net accounts receivable would be reported on the balance sheet at that date