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Prepare the required journal entries for the events

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Question - ABC Company estimated its bad debts equal to 2.5% of its $850,000 credit sales for the year 2019. On December 31, 2019 ABC Company made an adjustment for the 2.5% amount. On July 1, 2020 the management decided that $2,000 account of Mary Smith was uncollectable and wrote it off using Allowance for Doubtful Accounts. On December 31, 2020 Mary Smith returned and paid her account in full. Please prepare the required journal entries for the above events on December 31, 2019, July 1, 2020, and December 31, 2020.

Reference no: EM132497506

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