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At January 1, 2020, the credit balance of Marigold Corp.'s Allowance for Doubtful Accounts was $406,000. During 2020, the bad debt expense entry was based on a percentage of net credit sales. Net sales for 2020 were $80 million, of which 90% were on account. Based on the information available at the time, the 2020 bad debt expense was estimated to be 0.80% of net credit sales. During 2020, uncollectible receivables amounting to $508,500 were written off against the allowance for doubtful accounts. The company has estimated that at December 31, 2020, based on a review of the aged accounts receivable, the allowance for doubtful accounts would be properly measured at $532,500.
Problem 1: Make a schedule calculating the balance in Marigold Corp.'s Allowance for Doubtful Accounts at December 31, 2020.
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