HVB Corp. had the following situations during the last 4 years of operation:
i. The Allowance for Uncollectible Accounts has a $2,300 credit balance prior to adjustment. Net credit sales during 2011 are $600,000 and 5% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 on Dec 31, 2011.
ii. The Allowance for Uncollectible Accounts has a $1200 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2012, $17,900 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 on Dec 31, 2012.
iii. The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2013, $28,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $87,000 on Dec 31, 2013.
iv. The Allowance for Uncollectible Accounts has a $650 debit balance prior to adjustment. Net credit sales during 2014 are $800,000 and 2% are estimated to be uncollectible. Accounts Receivable has a balance of $135,000 on Dec 31, 2014.