Question 1 Answer saved Marked out of 5.00 Flag question Analyzing and Reporting Receivable Transactions and Uncollectible Accounts (Using Percentage-of-Sales Method) At the beginning of the year, Penman Company had the following (normal) account balances in its financial records: Accounts receivable Allowance for uncollectible accounts $61,000 3,950 During the year, its credit sales were $586,500 and collections on credit sales were $575,000. The following additional transactions occurred during the year: Feb. 17 Wrote off Nissim's account, $1,800. May 28 Wrote off White's account, $1,200. Dec. 15 Wrote off Ohlson's account, $450. Dec. 31 Recorded the provision for uncollectible accounts at 0.8% of credit sales for the year. (Hint: The allowance account is increased by 0.8% of credit sales regardless of any prior write-offs.) Compute and show how accounts receivable and the allowance for uncollectible accounts are reported in its December 31 balance sheet. Do not use negative signs with your answers. Enter as whole numbers. Accounts receivable $ Less Allowance for uncollectible accounts Accounts receivable, net 69,050 0 $ 0 Save Answers