Required information

[The following information applies to the questions displayed below.]

Suzuki Supply reports the following amounts at the end of 2021 (before adjustment).

Credit Sales for 2021	$	256,000
Accounts Receivable, December 31, 2021		51,000
Allowance for Uncollectible Accounts, December 31, 2021		1,000		(debit)

Required:

1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of receivables will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit sales will not be collected. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

3. Calculate the effect on net income (before taxes) and total assets in 2021 for each method.