P9-36B Dialex Watches completed the following transactions during 2007 and 2008: 2007 Estimated that uncollectible-account experse for the year was 1% on credit sales of $400,000, and recorded that amount as expense. Use the allowance method. Dec. 31 31 Made the closing entry for uncollectible-account expense. 2008 Jan. 17 June 29 Aug. Sold inventory to Mitch Vanez, $600, on account. Ignore cost of goods sold. Wrote off the Mitch Vanez account as uncollectible after repeated efforts to collect from him. Received $600 from Mitch Vanez, along with a letter stating his apology for paying late. Reinstated Vanez's account in full and recorded the cash collection 6 Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $1,700; Marie Monet, $1,300. Dec. 31 2008 Estimated that uncollectible-account expense for the year was 1% on credit sales of $480,000, and recorded that amount as expense. Made the closing entry for uncollecti Dec. 31 31 Requirements 1. Open general ledger accounts for Allowance for Uncollectible 2. Record the transactions in the general journal, and post to the 3. The December 31, 2008, balance of Accounts Receivable is Accounts and Uncollectible-Account Expense. Keep running bal- ances. All accounts begin with a zero balance. (pp. 80, 468) two ledger accounts. (pp. 460-464, 205) 139,000. Show how Accounts Receivable would be reported on the balance sheet at that date. Use the first reporting format at the top of page 461