Reference no: EM133167080
Question - At year-end, December 31, 2020, Corolla Sales showed unadjusted balances of $384,000 in Accounts Receivable; $11,800 debit in Allowance for Doubtful Accounts; and $1,659,000 in Sales. Uncollectible accounts are estimated to be 2.5% of sales.
Unadjusted balances at December 31, 2021, were Accounts Receivable, $440,000; Allowance for Doubtful Accounts, $9,000 credit and Sales, $2,808,000. Corolla Sales changed the method of estimating uncollectible accounts to 4% of outstanding accounts receivable.
At December 31, 2022, the general ledger showed unadjusted balances of $450,000 in Accounts Receivable; $1,600 debit in Allowance for Doubtful Accounts, and $3,326,000 in Sales. Corolla prepared an aging analysis on December 31, 2022 that estimat total uncollectible accounts to be $60,800.
Required - Prepare the 2020, 2021, and 2022 year-end adjusting entries to estimate uncollectible accounts.
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