River City Supply, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2016,
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River City Supply, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2016, Allowance for Uncollectible Accounts has a $375 credit balance. Journalize the year-end adjusting entry for uncollectible accounts assuming the following independent scenarios:
1. River City Supply, Inc., estimates uncollectible accounts as 3/4 of 1 percent of net credit sales. Net credit sales for the year equal $540,000.
2. Based on an aging of Accounts Receivable, River City Supply, Inc., estimates that uncollectible accounts will equal $3,950?
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