Learning Objective 3 P8-28A Accounting g for uncollectible accounts using the allowance method unco 2. Allowance CR Bal. $7,539 at Dec. 31, 2016 vables) and reporting receivables on the balance sheet ember 30, 2016, the accounts of Park Terrace Medical Center (PTMC) ind ude , 20 the following: Accounts Receivable Allowance for Bad Debts (credit balance) s 143,000 3,300 During the last quarter of 2016, PTMC completed the following selected transactions Dec. 28 Wrote off accounts receivable as uncollect Wells, $1,000; and Rain Company $600 Recorded bad debts expense based on the aging of accounts receivable, f accounts receivable as uncollectible: Silver, Co., $1,200; Oscar 31 as follows Age of Accounts 1-30 Days 31-60 Days 103,000 41,000 $13,000 3% Accounts Receivable 61-90 Days Over 90 Days Estimated percent uncollectible 6,000 0.3% 30% 35% Requirements 1. Journalize the transactions 2. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance 3. Show how Park Terrace Medical Center should report net accounts receivable on its December 31, 2016, balance sheet