Business, 15.04.2020 03:02 Harambe659

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 debit balance
Allowance for doubtful accounts: $200 credit balance
Sales revenue (all sales on credit): $4

Present the necessary year-end adjusting entry related to uncollectible accounts for each of the following independent assumptions:A. An aging of accounts receivable is completed. It is estimated that $2,150 of the receivables outstanding at year-end will be uncollectible. B. It is estimated that 1% of credit sales for the year will prove to be uncollectible.
C. Assume the same information presented above 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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On December 31, 2011, Colonial Corporation had the following account balances related to credit sale...

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