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On December 31, 20X1, certain account balances at Galaxy Company were as follows before year-end adjustments:Accounts Receivable$1,867,000Allowance for Uncollectible Accounts (credit)3,661Sales18,351,000Sales Returns and Allowances76,700 A further examination of the records showed that the “Sales” included $1,909,400 of cash sales during the year. Of the sales returns and allowances, $63,600 came from credit sales. Assume that Galaxy Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable.Required:Compute the estimated amount of uncollectible accounts and give the general journal entry to record the provision for uncollectible accounts.
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