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At year-end, December 31, 2020, Corolla Sales showed unadjusted balances of $385,000 in Accounts Receivable; $12,000 debit in Allowance for Doubtful Accounts; and $1,687,000 in
At year-end, December 31, 2020, Corolla Sales showed unadjusted balances of $385,000 in Accounts Receivable; $12,000 debit in Allowance for Doubtful Accounts; and $1,687,000 in Sales. Uncollectible accounts are estimated to be 2.5% of sales. Unadjusted balances at December 31, 2021, were Accounts Receivable, $447,000; Allowance for Doubtful Accounts, $10,000 credit; and Sales, $2,853,000. Corolla Sales changed the method of estimating uncollectible accounts to 4% of outstanding accounts eceivable. At December 31, 2022, the general ledger showed unadjusted balances of $451,000 in Accounts Receivable; $1,500 debit in Allowance for Doubtful Accounts; and $3,333,000 in Sales. Corolla prepared an aging analysis on December 31, 2022 that estimated cotal uncollectible accounts to be $57,000. Required: Prepare the 2020, 2021, and 2022 year-end adjusting entries to estimate uncollectible accounts. View transaction list Journal entry worksheet 2 3 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date Dec 31, 2020 General Journal Debit Credit Record entry Clear entry View general journal
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