PROBLEM #1 The following information is available for ACME Auto Repairs' sales on account and accounts receivable: Accounts receivable balance, January 1, Year 2 $80.300 Allowance for doubtful accounts, January 1, Year 2 5,070 Sales on account. Year 2 Collection on accounts receivable, Year 2 568,000 574,000 After several collection attempts, ACME wrote off $3,100 of accounts that could not be collected. ACME estimates that 4 percent of the ending accounts receivable balance will be uncollectible. Required a. Compute the following amounts: 1. (1) Using the allowance method, the amount of uncollectible accounts expense for Year 2. 2. (2) Net realizable value of receivables at the end of Year 2. b. Record the general journal entries to: 1. (1) Record sales on account for Year 2. 2. (2) Record cash collections from accounts receivable for Year 2. 3. (3) Write off the accounts that are not collectible. 4. (4) Record the estimated uncollectible accounts expense for Year 2.