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StorageTek Corporation gathered the following information from its accounting records for the year ended December, 31, 2016, prior to adjustment: Net credit sales for the year = $1,150,000 Accounts Receivable (Dec 31, 2016) = $93,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2016) = $6,000 debit balance StorageTek Corporation uses the allowance method of accounting for bad debts and estimates bad debts at 3% of net credit sales.
Required: Question 1: Prepare the adjusting entry on December 31, 2016.
Question 2: Determine the balance in the Allowance for Uncollectible Accounts account after the adjusting entry is recorded.
Question 3: Show how the receivables would be reported on the December 31, 2016, Balance Sheet for Storage Tek Corporation.
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