Revised Photos for References and Requirements are on the 1st Photo!

P-F:9-31A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet (Leaming Objectives 1, 3) Delta Watches completed the following selected transactions during 2024 and 2025: 2024 Dec. 31 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method. 31 Made the closing entry for bad debts expense. 2025 Jan. 17 Sold merchandise inventory to Mack Smith, $400, on account. Ignore Cost of Goods Sold. Jun. 29 Wrote off Mack Smith's account as uncollectible after repeated efforts to collect from him. Aug. 6 Received $400 from Mack Smith, along with a letter apologizing for being so late. Reinstated Smith's account in full and recorded the cash receipt. Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Cam Carter, \$1,400; Mike Venture, \$1,200; and Russell Reeves, $400. 31 Estimated that bad debts expense for the year was 2% of credit sales of $510,000 and recorded the expense. 31 Made the closing entry for bad debts expense. Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming Requirement 2