ACC_2301_Quiz2 Name : Exercise 3 The Fast Company starts business on January 1, 2014. At December 31, 2014, the total accounts receivable of the company are $350,000; out of which, company estimates that the receivables amounting to $4,500 will turn out to be uncollectible. At February 12, 2015, Weak trader, who is a receivable of $1.200, becomes bankrupt and nothing can be recovered from him. At December 31, 2015, the accounts receivable show a balance of $475,000. On this date, the company revises the estimates of its credit losses and determines that receivables amounting to $4,800 will become uncollectibles. Required: Prepare: 1. An adjusting entry to recognize uncollectible accounts expense at December 31, 2014. 2. An entry to write off accounts receivable at February 12, 2015. 3. An adjusting entry to recognize uncollectible accounts expense at December 31, 2015