Exercise $7-12($Algo$)$ Percent of sales method LO P$3$ Warner Company$$s year$-$end unadjusted trial balance shows accounts receivable of $$104,000,$ allowance for doubtful accounts of $$650($credit$),$ and sales of $$330,000.$ Uncollectibles are estimated to be $1\%$ of sales.$$Prepare the December $31$ year$-$end adjusting entry for uncollectibles.$$Dec $31$ Record the estimate of uncollectibles.

Exercise $7-12($Static$)$ Percent of sales method LO P$3$

Warner Company's year$-$end unadjusted trial balance shows accounts receivable of $$99,000,$ allowance for doubtful accounts of $$600($credit$),$ and sales of $$140,000.$ Uncollectibles are estimated to be $1\%$ of sales.

Prepare the December $31$ year$-$end adjusting entry for uncollectibles.