On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $386,000 Allowance for Doubtful Accounts (a credit balance) 4,500 During 2019, Smith had $2,895,000 of credit sales, collected $2,905,000 of accounts receivable, and wrote off $3,850 of accounts receivable as uncollectible. At year end, Smith performs an aging of its accounts receivable balance and estimates that $3,800 will be uncollectible. Required:
1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019.
2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019.
3. Prepare the necessary adjusting entry for 2019.
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