Workshop Three Assignment Questions 11- 14 (of 15) Problem 5-23 Accounting for uncollectible accounts-two cycles using the per The following information applies to the questions displayed below The following transactions apply to Expert Consulting for 2014, the first year of operation 1. Recognized $70,000 of service revenue eaned on account 2. Collected $62,000 from accounts receivable. 3. Adjusted accounts to recognize uncollectible accounts expense. Expert uses the allowance method of accounting for uncollectible accounts and estimates that uncollectuible accounts expense will be 2 percent of sales on account The following transactons apply to Expert Consulting for 2015 1 Recognized $84,000 of service revenue on account 2. Collected $70,000 from accounts receivable Determined that $1,100 of the accounts receivable were uncollectible and wrote them off 4. Collected $200 of an account that hed been previously written oft 5. Pald $51,200 cash for operating expenses. 6. Adjusted accounts to recognize uncollectible accounts expense for 2015. Expert esbmates that uncollectible accounts expense will be 1 percent of soles on account. Required Cmn ere uienngteoureoments for 2014 and 2o15 Complete l recurements for 2014 prior to beginning the requirements for 2015 References Section Break Problem 5-23 Accounting for uncollectible occounts two cycles using the percent of revenue