The balance of accounts receivable is $275,000. The allowance for uncollectible accounts has a credit balance of $240. Net credit sales for the year were $771,000 and cash sales were $68,000. Information for estimating uncollectible accounts expense is presented below. For each independent situation, prepare the adjusting entry to record the estimate and determine the resultant balance in the allowance for uncollectible accounts.

a. The company uses the aging-of-accounts-receivable method. A partial aging of accounts receivable balance is presented below:

Not yet due $150,000 1%

31-60 days past due 50,000 5%

61-90 days past due 40,000 10%

91-120 days past due 25,000 25%

Over 120 days past due 10,000 50%

b. The company uses the percent-of-sales method. Historical data indicates that approximately 3% of net credit sales are uncollectible.