During its first year of operations, Turning Leaves Furniture Restoration, Inc. had sales of $452,000, all on account. Industry experience suggests that Turning's uncollectibles will amount to 2% of credit sales. At December 31, 2021, accounts receivable total $49,000. The company uses the allowance method to account for uncollectibles. 1. Make Turning's journal entry for uncollectible-account expense using the percent-of-sales method. 2. Show how Turning should report accounts receivable on its balance sheet at December 31, 2021.
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