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What adjusting entry should the company make

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Reference no: EM132921327

Question - 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 $430,000 Debit

Allowance for Doubtful Accounts 1,400 Debit

Net Sales 2,250,000 Credit

All sales are made on credit. Based on past experience, the company estimates 2.0% 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: EM132921327

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