ROBLEM V 20x1 Dec. 31, Estimated that uncollectible-account expense for the year was of 3% on credit sales of $650,000 and recorded that amount as expenses. 31. Made the closing entry for uncollectible-account expense. 20x2 Feb. 4. Sold inventory to Marian Holt, $3,500 on account. Ignore cost of goods sold. July 1. Wrote off Marian Holt's account as uncollectible after repeated efforts to collect from her Oct. 19. Received $700 from Marian Holt, along with a letter stating her intention to pay within 30 days. Reinstated Holt's a count in full. Nov. 15. Received the balance due from Marian Holt. Dec. 31. Made a compound entry to write off the following accounts as uncoll aycee Britt, $800; Tim Sands, $700; and Anna Chin, $1,300. 2% on 31. Estimated that uncollectible-account expense for the year was of credit sales of $785,000 and recorded the expenses. 31. Made the closing entry for uncollectible-account expense