Problem 4 12.5 points Record the following transactions for Haire Company Year 1 Net sales on account for the period were $650,000. Haire Company uses the percentage of sales method of estimating uncollectible accounts. The company estimates that 3% of net sales are uncollectible. The beginning balance in Allowance for Bad Debts is a credit of $2,000. Year 2 -Fe The $2,500 Account Receivable of Myron Elph was determined to be uncollectible and was written off Notice was received that Scotty Kats, a customer, was bankrupt. His Accounts Receivable balance of $1,000 was written off. P. Knames, account was written off in the preceding year as uncollectible. On account 15-Jul July 15 of the current year, $750 cash was received as full settlement of Knames Complete your work below using the format provided. GENERAL JOURNAL DATE DESCRIPTION REF DEBIT CREDIT Date Account Account