Consider the Following INDEPENDENT Situations for Tommy Company

question 15

Essay

Consider the following INDEPENDENT situations for Tommy Company:
a.The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment.Net credit sales during the year are $830,000 and 2% are estimated to be uncollectible.Accounts Receivable has a balance of $110,000 at the end of the year.The company uses the percent-of-sales method.
b.The Allowance for Uncollectible Accounts has a $900 credit balance prior to adjustment.Based on an aging schedule of accounts receivable prepared at the end of the year,$20,000 of accounts receivable are estimated to be uncollectible.Accounts Receivable has a balance of $104,000 at the end of the year.
c.The Allowance for Uncollectible Accounts has a $16,300 debit balance prior to adjustment.Based on an aging schedule of accounts receivable prepared at the end of the year,$200,000 of accounts receivable are estimated to be uncollectible.Accounts Receivable has a balance of $958,000 at the end of the year.
d.The Allowance for Uncollectible Accounts has a $500 credit balance prior to adjustment.Net credit sales during the year are $900,000 and 1% are estimated to be uncollectible.Accounts Receivable has a balance of $825,000 at the end of the year.The company uses the percent-of-sales method.
Required:
Prepare the adjusting journal entries for uncollectible accounts for each INDEPENDENT situation.Explanations are not required.

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