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 Sold inventory to Mitch Vanez, S600, on account. Ignore cost of goods sold Jan. 17 June 29 Aug. 6 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. Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $1,700; Marie Monet, $1,300. Dec. 31