Spotted Singer sells karaoke machines to businesses and consumers via the Internet On January 1, 2019, Spotted Singer Inc has an Accounts Receivable balance of $997,000 and a credit balance in its Allowance for Doubtful Accounts of $24,000 During 2019, Spotted Singer had $10,800,000 of credit sales...

1 Accounts Receivable Beginning balance 997000 Sales ...

Spotted Singer sells karaoke machines to businesses and consumers via the Internet. On January 1, 2019, Spotted

Question:

Spotted Singer sells karaoke machines to businesses and consumers via the Internet. On January 1, 2019, Spotted Singer Inc. has an balance of $997,000 and a credit balance in its Allowance for Doubtful Accounts of $24,000. During 2019, Spotted Singer had $10,800,000 of credit sales, collected $1,725,000 of and had customer defaults of $45,000. At year end, an aging analysis indicates that $28,000 of Spotted Singer's receivables will be uncollectible.
Required:
1. Calculate Spotted Singer's balance in on December 31, 2019, prior to the adjustment.
2. Calculate Spotted Singer's balance in allowance for doubtful accounts on December 31, 2019, prior to the adjustment.
3. Prepare the necessary adjusting entry for 2019?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...