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Chapter 8 The general ledger controlling account for Accounts Receivable has a balance...

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Accounting

Chapter 8
The general ledger controlling account for Accounts Receivable has a balance of $120,500 at year-end before adjustment. The company uses the balance sheet approach to estimate uncollectible accounts. By aging the individual customers' accounts, it was determined that the doubtful accounts amounted to $5,020. Prepare the year-end adjusting entry for uncollectible accounts under each of the following independent assumptions.
a. Allowance for Doubtful Accounts has a credit balance of $2,850.
b. Allowance for Doubtful Accounts has a debit balance of $925.
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