Learning Objectives 1,3 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; 2. Net AR $119,800 2018 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 Dec. 31 31 2019 Jan. 17 Made the closing entry for bad debts expense 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. 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 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 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 -accounts. 2. that date