On April 30, 2020, Nine North Party Planners (NNPP) had a $35,000 balance in Accounts Receivable and a $3,200 credit balance in Allowance for Uncollectible Accounts. During May, NNPP made credit sales of $74,000. May collections on account were $55,000, write-offs of uncollectible receivables totalled $2,700, and an account of $1,500 was recovered. Bad debt expense is estimated to be $3,700. Requirements 1. Journalize sales, collections, write-offs of uncollectibles, recovery of accounts receivable, and bad debt expense by the allowance method during May. Explanations are not required. 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at May 31. How much does NNPP expect to collect? 3. Show how NNPP will report Accounts Receivable on its May 31 balance sheet. Use the format "Accounts Receivable, net of allowance for uncollectible accounts of $* at May 31, 2020 Insert the value you've calculated for the allowance Requirement 1. Journalize sales, collections, write-offs of uncollectibles, recovery of accounts receivable, and bad debt expense by the allowance method during May. Explanations are not required. (Record debits first, then credits.) (a) Begin by recording the journal entry for May sales Date (a) Journal Entry Accounts Debit Credit Accounts Receivable $74,000 Sales Revenue (b) Next, journalize the collections on account Date (Q) $74,000 Journal Entry Accounts Debit Credit $55,000 Cash Accounts Receivable $55,000