Cotton, Corp., uses the allowance method to account for uncollectible accounts. On May 31,2010, Allowance for Uncollectible Accounts has a $1,300 credit bal¬ ance. Journalize the year-end adjusting entry for uncollectible accounts assuming the following independent scenarios:

1. Cotton, Corp., estimates uncollectible accounts as % of 1 % of net credit sales. Net credit sales for the year equal $750,000.

2. Based on an aging of Accounts Receivable, Cotton, Corp., estimates that uncollectible accounts will equal $3,120.