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P8-29A Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet Learning Objectives 1, 3 2. Allowance CR Bal. $8,482 at At September 30, 2018, the accounts of Green Terrace Medical Center (GTMC) include the following: Dec. 31, 2018 $ 145,000 Accounts Receivable Allowance for Bad Debts (credit balance) 3,500 During the last quarter of 2018, GTMC completed the following selected transactions: Sales on account, $450,000. Ignore Cost of Goods Sold. Collections on account, $427,100 Wrote off accounts receivable as uncollectible: Regan, Co., $1,400; Owen Reis, $800; and Patterson, Inc., $700 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts 1-30 Days 31-60 61-90 Over 90 Days Days Days $ 104,000 $ 39,000 $ 14,000 $ 8,000 Accounts Receivable 0.3% Estimated percent uncollectible 35% 30% Requirements 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. 2. Show how Green Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet