On January 1, 2019, Smith Inc has the following balances for accounts receivable and allowance for doubtful accounts Accounts Receivable $382,000 Allowance for Doubtful Accounts (a credit balance) 4,200 During 2019, Smith had $2,865,000 of credit sales, collected $2,905,000 of accounts receivable, ...

1 Accounts Receivable Beginning balance 382000 Sales 28 ...

On January 1, 2019, Smith Inc. has the following balances for accounts receivable and allowance for doubtful

Question:

On January 1, 2019, Smith Inc. has the following balances for and allowance for doubtful ................................................. $382,000
Allowance for Doubtful Accounts (a credit balance) ................ 4,200
During 2019, Smith had $2,865,000 of credit sales, collected $2,905,000 of and wrote off $3,850 of as uncollectible. At year end, Smith performs an aging of its balance and estimates that $3,800 will be uncollectible.
Required:
1. Calculate Smith's pre-adjustment balance in on December 31, 2019.
2. Calculate Smith's pre-adjustment balance in allowance for doubtful accounts on December 31, 2019.
3. Prepare the necessary adjusting entry for 2019?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...