XERCISE 7.8 eporting The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year: ible Net credit sales for the year . . Accounts receivable at year-end Uncollectible accounts receivable: . . . . . counts $8,000,000 1,750,000 Actually written off during the year...... Estimated portion of year-end receivables expected to prove $96,000 ..84,000 180,000 Prepare one journal entry summarizing the recognition of uncollecible accounts expense for the entire year under each of the following independent assumptions: a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. counts expense is recognized by adjusting the balance in the Allowance for Doubtful Accounts to the amount indicated in the year-end aging schedule. The balance in the allowance account at the beginning of the current year was $25,000. (Consider the effect of b. Uncollectible ac the write-offs during the year on the balance in the Allowance for Doubtful Accounts.)