Problem Two: A company has the following balances on December 31, Year 1, before any adjustment Accounts Recelvable = 547,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31, Year 1, the company estimates uncollectible accounts to be 15% of accounts receivable Required: 1. Record the adjusting entry for uncollectible accounts on December 31, Year 1. Date L SE E NI CF Account DR CR 2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet Bad Debt Expense Allowance for Uncollectible Accounts 3. Calculate net accounts receivable. Net Accounts Receivable