Prepare the adjusting entry for the allowance for uncollectible accounts.
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At the end of Year 2, the unadjusted trial balance of Alaska Company includes $1,500,000 of outstanding accounts receivable and an Allowance for Uncollectible Accounts of $14,600. Total sales for the year are $22,200,000 and 85% of the sales were on account. The company estimates that 1.8% of credit sales are uncollectible and no entries have been made during the year to reflect these uncollectibles. Prepare the adjusting entry for the allowance for uncollectible accounts.
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Total sales $22,200,000
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