Question 2 During its first year of operations, Teal Company SE had credit sales of 3,641,200; 674,800 remained uncollected at year-end. The credit manager estimates that 31,130 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the statement of financial position for Teal Company. Assume that in addition to the receivables it has cash of 95,950, inventory of 122,000, and prepaid insurance of 8,990. (List Current assets in reverse order of liquidity.) TEAL COMPANY Statement of Financial Position (Partial)