Problem 5 Journal Entries for Receivables On January 1 of the current year, Siaton, Inc. had the following accounts on its books Accounts Receivable $120,000 (debit) Allowance for Uncollectible Accounts 4,000 (credit) During this year, credit sales were $600,000 and collections on account were $580,000. 2/1/2016 Prepare the journal entry to write off L. Baxter's account $3,400. 7/1/2016 Prepare the journal entry to write off N. Vale's account $1,200. Prepare the journal entry(s) needed to record $400 received from N. Vale, who 10/31/2016 is in bankruptcy. Vale paid $400 in the final settlement of the account written off on 7/1/2016. This amount is not included in the $580,000 collections