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Clarke Auto Sales Ltd. reported the following balances on its December 31, 2015 year-end financial statements:
The following occurred in January 2016:
|
a. |
Accounts of $1,200 were written off as uncollectible. |
|
b. |
An account for $300 previously written off was collected. |
|
c. |
An analysis of the aged accounts receivable indicated a need for an allowance of $3,500 to cover the possibility of uncollectible accounts. |
Required: Reconstruct the journal entries to record the above items.
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