Business, 25.10.2019 18:43 trin4613

During the year ended december 31, 2018, kelly’s camera shop had sales revenue of $120,000, of which $60,000 was on credit. at the start of 2018, accounts receivable showed a $12,000 debit balance and the allowance for doubtful accounts showed a $500 credit balance. collections of accounts receivable during 2018 amounted to $58,000. data during 2018 follow:
(a) on december 10, a customer balance of $1,400 from a prior year was determined to be uncollectible, so it was written off.
(b) on december 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.

give the required journal entries for the two events in december.

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During the year ended december 31, 2018, kelly’s camera shop had sales revenue of $120,000, of which...