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Discuss the company make at the end of the current year

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The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts:

Accounts receivable $435,000 Debit
Allowance for Doubtful Accounts 1,250 Debit
Net Sales 2,100,000 Credit

All sales are made on credit. Based on past experience, the company estimates 3.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

Reference no: EM131794644

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