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Question - At the beginning of 2015, the balance in Accounts Receivable and the Allowance for Doubtful Accounts was $567,000 debit and a $43,800 credit, respectively. During 2015, credit sales totaled $4,000,000 and collections of accounts receivable were $3,000,000.
Prepare the adjusting entry to record Uncollectible Accounts Expense under the following two independent scenarios (SHOW YOUR WORK).
1. Management estimates that its doubtful accounts are likely to be 1.5% of credit sales
2. Management performed an aging of accounts receivable and estimated that the amount of these accounts receivable that would likely not be collected would be $69,800.
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