QUESTION XYZ Company's financial year ended on December 31, 2022. The following transactions are related to the company's accounts receivable and allowance for uncollectible accounts: 1. On February 15, wrote off a $750 account of ABC Corporation as uncollectible. 2. On May 10, received a payment in full of $1,200 for a previously written-off account from DEF Inc. 3. On July 20, wrote off $500 as uncollectible for accounts of GHI Ltd. and $800 for JKL Enterprises. 4. On September 5, received a partial payment of 60% from MNO Co. for their $2,000 outstanding balance and wrote off the remainder as uncollectible. 5. On November 12, estimated uncollectible accounts expense for the year to be 2% of net credit sales, which amounted to $550,000. The accounts receivable account had a balance of $40,000, and the beginning balance in the allowance for uncollectible accounts was $3,500.