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4. Fox Retail Company uses the allowance method (balance sheet approach) to determine bad debt expense. By aging its accounts receivable, Fox has determined that the estimated portion of total accounts receivable of $8,000,000 that are uncollectible totals $120,000. The unadjusted balance in the allowance for uncollectible accounts is a debit balance of $14,000. What entry is needed to record bad debt expense and how will the accounts receivable be presented in the balance sheet? 5. ABC Co., a company that uses the allowance method to account for bad debts, had total accounts receivable of $450,500 and an allowance for uncollectible accounts credit balance of $9,600. Subsequently, an account receivable from a customer was written off as uncollectible in the amount of $890. What was the net accounts receivable balance before and after the write off? 6. On January 1, 20x1, Mechanical Engineers, Inc. had an accounts receivable balance of $650,000 and a credit balance in the allowance for uncollectible accounts of $50,000. During January, the company had credit sales of $3,210,000, collections on credit sales of $2,990,000, and write offs of uncollectible accounts receivable totaling $48,000. All of the company's sales are credit sales. Prepare journal entries to record the credit sales, cash collections, and accounts, receivable write offs for January. o Mechanical Engineers, Inc. estimates that 6.5% of the accounts receivable balance will become uncollectible. Prepare the journal entry for bad debt expense. Show the balance sheet presentation of accounts receivable as of January 31, 20X1. o