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Brito's Hundai Sales and Service estimates the amount of uncollectible

Brito's Hundai Sales and Service estimates the amount of uncollectible

Brito's Hundai Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that $4,500 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment:

1. Allowance for Doubtful Accounts has a credit balance of $710.

2. Allowance for Doubtful Accounts has a debit balance of $305.

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