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Question - During the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $185,000, of which $92,500 was on credit. At the start of 2015, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $630 credit balance. Collections of accounts receivable during 2015 amounted to $71,000.
a. On December 10, a customer balance of $1,650 from a prior year was determined to be uncollectible, so it was written off.
b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.
Required: Give the required journal entries for the two events in December.
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