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The income statement approach to estimating uncollectible acounts expense is used by Colson Company. On Feb. 28, the firm had accounts receivable in the amount of $437,000 and Allowance For Doubtful Accounts had a credit balance of $2140 before adjustment. Net credit sales for Feb. amounted to $3,500,000. Teh credit manager estimated that uncollectible accounts expense would amount to 1% of net credit sales made during Feb. On march 10, an accounts receivable from Marie Foley for $6,100 was determined to be uncollectible and written off.a. Prepare the journal entries made by Colson Company on the followin dates:1.Feb. 282.March 10
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