On December 31, 2011, Colonial Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries:
Accounts receivable??????????????????????????? $25,000
Allowance for doubtful accounts??????? 200????? (credit)
Sales revenue (all credit sales) 400,000
Present the necessary year-end adjusting entry (include dates) related to uncollectible accounts for each of the following independent assumptions:
- 1.An aging of accounts receivable is completed. It is estimated that $2,150 of the receivables outstanding at year-end will be uncollectible
- 2.It is estimated that 1% of credit sales for the year will prove to be uncollectible
- 3.Assume the same information presented in A above except that prior to adjustment, the Allowance for Doubtful Accounts had a debit balance of $200 rather than a credit balance of $200
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