Your company prepares financial statements only once a year. In accounting for uncollectible accounts it uses the allowance method.
For the most recent year give general journal entries for the following.
Beginning of the year balances: (No journal entries needed for beg. Balances)
Accounts Receivable.......................................411,212
Allowance for uncollectible accounts.......................8,690
Uncollectible Accounts Expense
1. Sales for the year were 1,662,000. 75% of sales are credit sales
2. Collection on credit sales for the year were 970,000
3. Wrote off 8300 of specific customer accounts
4a. At year end estimate uncollectible accts to be 1.25% of credit sales
4b. Instead of 4a, the company ages it receivables and estimated 8700 as uncollectible