P5-51A. (Learning Objective 4: Apply GAAP for uncollectible receivables) The September 30, 2015. records of Asher Communications include these accounts: Accounts Receivable.................................... Allowance for Doubtful Accounts ............. $473,000 (15,100) During the year, Asher Communications estimates doubtful-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in Allowance for Doubtful Accounts to correspond to the aging schedule below. 1-30 Days Accounts Receivable $427,000 Estimated percent uncollectible Age of Accounts 31-60 Days 61-90 Days $93,000 $39,000 2% 15% Over 90 Days $36,000 35% 0.2% uring the last quarter of 2015, the company completed the following selected transactions: Nov 30 Wrote off as uncollectible the $3,100 account receivable from Proctor Carpets and the $800 account receivable from Antiques on Austin. Dec 31 Adjusted the Allowance for Doubtful Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Requirements 1. Record the transactions for the last quarter of 2015 in the journal. Explanations are not required 2. Prepare a T-account for Allowance for Doubtful Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account. 3. Show how Asher Communications will report its accounts receivable in a comparative bal- ance sheet for 2014 and 2015. Use the three-line reporting format. At December 31, 2014, the company's Accounts Receivable balance was $408,000, and the Allowance for Doubtful Accounts stood at $9,700