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On December 31 st , 2020, Adidas had the following balances before adjustments: Debit Credit Accounts Receivable 532,000 Allowance for Doubtful Accounts 3,365 Credit Sales

On December 31st, 2020, Adidas had the following balances before adjustments:

Debit

Credit

Accounts Receivable

532,000

Allowance for Doubtful Accounts

3,365

Credit Sales

1,765,000

To do...

1. Assume that uncollectible accounts are estimated to be 5% of accounts receivables. Prepare the necessary adjusting entry with December 31, 2020 as the entry date. Journal entry narrative is not required.

Assume that uncollectible accounts are estimated to be 2% of credit sales. Prepare the necessary adjusting entry with December 31, 2020 as the entry date.

P1

General Journal

Date

Account Titles and Explanation

Debit

Credit

P2

General Journal

Date

Account Titles and Explanation

Debit

Credit

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