Prepare the adjusting entry to recognize bad debt expense

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Reference no: EM13906811

A company had a 1/1/14 balance in the Allowance for Doubtful Accounts of $20,000. During 2014, it wrote off $14,400 of accounts and collected $4,200 on accounts previously written off. The balance in Accounts Receivable was $400,000 at 1/1 and $480,000 at 12/31. At 12/31/14, management estimates that 5% of accounts receivable will prove to be uncollectible.

In T-account format, prepare the adjusting entry to recognize bad debt expense for 2014.

Reference no: EM13906811

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