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What adjusting entry will Tanning Company make

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Question - Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $308,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 7% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,600 before adjustment?

a. Bad Debt Expense$19,960 Allowance for Doubtful Accounts $19,960

b. Bad Debt Expense$18,960 Allowance for Doubtful Accounts $18,960

c. Bad Debt Expense$18,460 Allowance for Doubtful Accounts $18,460

d. Bad Debt Expense$17,960 Allowance for Doubtful Accounts $17,960

Reference no: EM132576023

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