LO 5 P5-58A. (Learning Objective 5: Apply GAAP for uncollectible receivables) The Septembe 30, 2019, records of New York Communications include these accounts: Accounts Receivable.... Allowance for Doubtful Accounts. $244,000 (8,000) Receivables and Reve During the year, New York Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the following aging schedule. Accounts Receivable $238,000 Estimated percent uncollectible 1-30 Days $144,000 0.2% Age of Accounts 31-60 Days 61-90 Days $49,000 $17,000 2% 15% Over 90 Days $28,000 35% During the last quarter of 2019, the company completed the following selected transactions: Nov 30 Wrote off as uncollectible the $1,300 account receivable from Clupper Carpets and the $500 account receivable from Medina Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Requirements 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. 3. Show how New York Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. (Use the three-line reporting format.) At December 31, 2018, the company's Accounts Receivable balance was $212,000, and the Allowance for Uncollectible Accounts stood at $4,300