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Prepare the necessary adjusting entries to record bad debts

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Reference no: EM132010815

Question - At December 31 of the current year, a company reported the following:

Total Sales - $980,000

Cash Sales - $160,000

Accounts receivable - $160,000

Allowance for Doubtful Accounts balance at January, beginning of current year - $73,000

Bad debts written off during current year - $5,800

Prepare the necessary adjusting entries to record bad debts expense assuming this company's bad debts are estimated to equal 5% of accounts receivable.

Reference no: EM132010815

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