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Prepare the year-end adjusting entries to estimate

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At year-end. December 31, 2020. Corolla Sales showed unadjusted balances of $395,000 In Accounts Receivable; $14,200 debit In Allowance for Doubtful Accounts; and $1,996,000 In Sales. Uncollectible accounts are estimated to be 25% of sales.

  • Unadjusted balances at December 31, 2021, were Account Receivable. $528.000; Allowance for Doubtful Accounts, $3,000 credit and Sales, $3370000. 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 $462.000 in Accounts Receivable: $900 debit In Allowance for Doubtful Accounts; and $3.414.000 in Sales. Corolla prepared an aging analysis on December 31, 2022 that estimated total uncollecuble accounts to be $34100.

Required-.

Problem 1: Prepare the 2020, 2021 and 2022 year-end adjusting entries to estimate uncollectible account.

Reference no: EM132783485

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