On December 31, 2013, prior to adjustments, Accounts Receivable has a debit balance of $370,000 and the Allowance for Doubtful Accounts has a credit balance of $400. The firm estimates its losses from uncollectible accounts to be 5% 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 $18,100. 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 5%. Therefore, the amount of the adjusting entry is $370,000 * 0.05 = $18,100.

On December 31, 2013, Prior to Adjustments, Accounts Receivable Has