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On January 1, 2011, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $382,000 Allowance for Doubtful Accounts

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On January 1, 2011, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $382,000 Allowance for Doubtful Accounts (a credit balance) 4,200 During 2011, Smith had $2,865,000 of credit sales, collected $2,905,000 of accounts receivable, and wrote off $3,850 of accounts receivable as uncollectible. At year end, Smith performs an aging of its accounts receivable balance and estimates that $3,800 will be uncollectible. Required: Calculate Smith's preadjustment balance in accounts receivable on December 31, 2011. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31,2011. Prepare the necessary adjusting entry for 2011

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