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Question - On December 31, 2011, Colonial Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries:
Accounts receivable $25,000
Allowance for doubtful accounts 200 (credit)
Sales revenue (all credit sales) 400,000
Requirements -
Present the necessary year-end adjusting entry related to uncollectible accounts for each of the following independent assumptions:
An aging of accounts receivable is completed. It is estimated that $5,000 of the receivables outstanding at year-end will be uncollectible.
Assume the same information presented in part 1. Except that prior to adjustment, the allowance for doubtful accounts had a debit balance of $200 rather than a credit balance of $200.
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