Your company prepares financial statements only once a year. In accounting for uncollectible accounts

it uses the allowance method.

For the most recent year give general journal entries for the following.

Beginning of the year balances:(No journal entries needed for beg. Balances)

Accounts Receivable

411,212

Allowance for uncollectible accounts

8,690

Uncollectible Accounts Expense

-

1		Sales for the year were 1,662,000. 75% of sales are credit sales
2		Collection on credit sales for the year were 970,000
3		Wrote off 8300 of specific customer accounts
4a		At year end estimate uncollectible accts to be 1.25% of credit sales
4b		Instead of 4a, the company ages it receivables and estimated 8700 as uncollectible