Question 3 Dialex. Watches completed the following selected transactions during 2007 & 2008: 2007 Dec. 31 Estimated that uncollectible-account (bad-debt) expense for the year was 1% of credit sales of $400,000 and recorded the amount as expense. Use the allowance method. Dec. 31 Made the closing entry for uncollectible-account expense. 2008 Jan. 17 Sold inventory to Mitch Vanez, $600, on account. Ignore cost of goods sold. June. 29 Wrote off Mitch Vanez's account as uncollectible after repeated effort to collect from him. Aug. 6 Received $600 from Mitch Vanez, along with a letter apologizing for being so late. Reinstated Vanez's account in full and recorded the cash receipt. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $1,700; Marie Monet, $1,300. Mona School of Business Management, university of the West Indies at Mon. - 4 Dec. 31 Estimated that uncollectible expense for the year was 1% of credit sales of $480,000, and recorded that amount as expense Dec. 31 Made the closing entry for uncollectible-account expense. Requirements: a) The December 31, 2008 balance of Accounts Receivable is $139,000. Show how Accounts Receivable would be reported on the balance sheet at that date. Dialex Watches completed the following selected transactions during 2007 & 2008: 2007 Dec. 31 Estimated that uncollectible-account (bad-debt) expense for the year was 1% of credit sales of $400,000 and recorded the amount as expense. Use the allowance method. Dec. 31 Made the closing entry for uncollectible-account expense. 2008 Jan. 17 Sold inventory to Mitch Vanez, $600, on account. Ignore cost of goods sold. June, 29 Wrote off Mitch Vanez's account as uncollectible after repeated effort to collect from him. Aug. 6 Received $600 from Mitch Vanez, along with a letter apologizing for being so late. Reinstated Vanez's account in full and recorded the cash receipt. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $1,700; Marie Monet, $1,300. Dec. 31 Estimated that uncollectible expense for the year was 1% of credit sales of $480,000, and recorded that amount as expense Dec. 31 Made the closing entry for uncollectible-account expense. Requirements: a) Open general ledger accounts for Allowance for Uncollectible Accounts and uncollectible-Accounts Expense. Keep running balances. All accounts begin with zero balance