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During the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $145,000,...

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Accounting

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During the year ended December 31, 2015, Kelly's Camera Shop had sales revenue of $145,000, of which $72,500 was on credit. A the start of 2015, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $550 credit balance. Collections of accounts receivable during 2015 amounted to $63,000. Data during 2015 follow: On December 10, a customer balance of $1,250 from a prior year was determined to be uncollectible, so it was written off b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. Required: 1. Give the required journal entries for the two events in December. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the write-off of a certain customer account from a prior year which is not collectible totaling $1,250 Note: Enter debits before credits Date Dec. 10, 2015 General Journal Debit Credit

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