The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: 
1. Prepare the general journal entries to record these transactions.
2. If the balance of the allowance for uncollectible accounts was $8,000 on January 1 of the current year, determine the balance of the allowance for uncollectible accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecting the allowance for uncollectible accounts during the year.
Definitions:
Max Weber
A German sociologist, philosopher, and political economist, whose ideas profoundly influenced social theory and social research.
Positivist Critique
A critical perspective based on the belief that information derived from logical and mathematical treatments and reports of sensory experience is the exclusive source of all authoritative knowledge.
French Revolution
A period of radical social and political upheaval in France between 1789 and 1799, which resulted in the overthrow of the monarchy, establishment of a republic, and significant changes in the country's social structure.
Ameliorism
A philosophical stance promoting the belief that the world or society can be improved through human effort.
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