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Prepare journal entry to adjust for doubtful accounts

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Question 1: The accounts of Stackhouse Company as of December 31, show Accounts Receivable, $190,000; Allowance for Doubtful accounts, $950 (credit balance); Sales, $920,000; and Sales Returns and Allowances, $12,000. Prepare journal entries to adjust for possible doubtful accounts under each of the following assumptions:

1. Bad debt expense is estimated at 1% of net sales.

2. The allowance is to be increased to 3% of accounts receivable.

Reference no: EM132564039

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