Selected unadjusted account balances at December $31,2023,$ are shown below for Demron Servicing

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Love & Lim

$17$

$02$:$30$:$16$

Account

Accounts receivable

Allowance for doubtful accounts

Credit

$ $1,040$

$455,000$

Sales $($all on credit$)$

$9,000$

Sales discounts

Debit $$65,000$

Required:

a$.$ Assume that Demron estimates uncollectible accounts as $2\%$ of receivables. Prepare the adjusting entry required on December $31.2023,$ to estimate uncollectible receivables

During $2024,$ credit sales were $$589,000($cost of sales $$386,190)$; sales discounts taken were $$13,000,$ accounts receivable collected were $$476,700,$ and accounts written off during the year totalled $$10,800.$ Prepare the entries to record these transactions

View transaction list

c$.$ Record the adjusting entry required on December $31,2024,$ to estimate uncollectible receivables, assuming it is based on $2\%$ of receivables.

$.$ Show how accounts receivable would appear on the December $31,2024,$ balance sheet

Partial Balance sheet

Assets

Current assets: