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Debit Credit Accounts receivable$140,000 Allowance for doubtful accounts730 Sales$610,000 Sales returns and allowances8,000 Prepare the journal entries for allowance for doubtful accounts when the estimate

DebitCredit

Accounts receivable$140,000

Allowance for doubtful accounts730

Sales$610,000

Sales returns and allowances8,000

Prepare the journal entries for allowance for doubtful accounts when the estimate of uncollectible accounts is determined by taking 1) 5% of gross accounts receivable and 2) 3% of gross accounts receivable with a $730 debit allowance account balance.

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