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Prepare the adjusting entry to record bad debts expense

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Question: At each calendar year-end, Cabool Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2011, it has outstanding accounts receivable of $53,000, and it estimates that 4% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2011 under the assumption that the Allowance for Doubtful Accounts has

(a) a $915 credit balance before the adjustment and

(b) a $1,332 debit balance before the adjustment.

Reference no: EM131533743

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