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On December 31, 2017, Corotel Company's year-end, the unadjusted trial balance included the following items...

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Accounting

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On December 31, 2017, Corotel Company's year-end, the unadjusted trial balance included the following items Account Debit Credit Accounts receivable Allowance for doubtful accounts Sales ($3,030,000 cash sales) $2,120,000 35,000 $12,120,000 Reguired: 1. Prepare the adjusting entry needed in Corotel's books to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 2% of credit sales. b. An analysis suggests that 5% of outstanding accounts receivable on December 31, 2017, will become uncollectible

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