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Suzuki Supply reports the following amounts at the end of 2018 (before adjustment). Credit Sales for 2018 $256,000 Accounts Receivable, December 31, 2018 51,000 Allowance

Suzuki Supply reports the following amounts at the end of 2018 (before adjustment).

Credit Sales for 2018 $256,000
Accounts Receivable, December 31, 2018 51,000
Allowance for Uncollectible Accounts, December 31, 2018 1,000 (Credit)

1. Record the adjustment 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 transaction/event, select "No journal entry required" in the first account field.)

2. Record the adjustment 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 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 2018 for each method. Suzuki estimates 10% of receivables and 2% of credit sales respectively will not be collected.

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