Business, 29.12.2021 23:40 Casey7019

On December 31, 2021, the balance in Megan's Products Accounts Receivable was $680,000 and net credit sales amounted to $3,800,000 during 2021. An aging analysis of the accounts receivable indicated that $40,000 in accounts are expected to be uncollectible. Required:
Prepare the adjusting entries to record estimated bad debt expense using the percentage-of-receivables basis under each of the following independent assumptions:

Allowance for Doubtful Accounts has a credit balance of $3,200 before adjustment.
Allowance for Doubtful Accounts has a credit balance of $730 before adjustment.

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On December 31, 2021, the balance in Megan's Products Accounts Receivable was $680,000 and net credi...