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REVIEW FOR MIDTERM - CHAPTERS 3. 9 AND 10 Q; Grill's Flooring Limited had credit sales of $ 400,000 in 2020 and a debit balance

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REVIEW FOR MIDTERM - CHAPTERS 3. 9 AND 10 Q; Grill's Flooring Limited had credit sales of $ 400,000 in 2020 and a debit balance of $ 600 in the Allowance for Doubtful Accounts at year end. As at December 31, 2020. the accounts $ 120,000 of accounts receivable remains uncollected. The credit manager of Grill's Flooring prepared an aging schedule of accounts receivable and estimates that $ 5,000 will prove to be uncollectibie. On March 4. 2021. the credit manager authorizes a write off of the $ 1.000 balance owed by A. Ludwig. Instructions a) Prepare the adjusting entry to record the estimated uncoliectible accounts expense in 2020. b) Show the balance sheet presentation of accounts receivable on December 31. 2020. c) On March 4. 2021. assume the balance of Accounts Receivable is $ 160.000 and the balance of Allowance for Doubtful Accounts is a credit of $ 3.000. before the write off. Make the appropriate entry to record the write off of the Ludwig account. Also calculate the carrying amount of accounts receivable before and after the write off. 09

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