On December 31, 2019, prior to adjustments, Accounts Receivable has a debit balance of $370,000 and the Allowance for Doubtful Accounts has a credit balance of $800. The firm estimates its losses from uncollectible accounts to be 3% of accounts receivable at the end of the year. The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is

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The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is $11,100. This is calculated by multiplying the accounts receivable balance by the estimated percentage of uncollectible accounts. In this case, the accounts receivable balance is $370,000 and the estimated percentage of uncollectible accounts is 3%. Therefore, the amount of the adjusting entry is $370,000 x 3% = $11,100.

On December 31, 2019, Prior to Adjustments, Accounts Receivable Has