ake Company had the following data on December 31,20X1, before any adjustments:

Accounts Receivable, December 31		$317,300	debit
Allowance for Doubtful Accounts, December 31		$20,420	credit
Total credit sales		$3,730,000
Bad debt as a percent of credit sales		0.59%

Based on this data, estimate the amount of Bad Debt Expense that Jake Company should record as part of its December 31, 20X1 adjusting entry:

Bad Debt Expense

$

System lake Company should Recording in the Accounting System The adjusting entry that Jake Company should record for Bad Debt Expense on December 31, 20X1 is: 12/31/X1 Jake Company's Accounts Receivable and Allowance for Doubtful Accounts on December 31, 20x1, before adjusting entries, are shown below. Update these T-accounts for the adjusting entry for Bad Debt Expense, showing the balance in Jake Company's Accounts Receivable and Allowance for Doubtful Accounts after adjusting entries have been made Accounts Receivable 12/31/X1 317,300 12/31/X1 Allowance for Doubtful Accounts 1/1/X1 adjusting entry 12/31/X1 20,420 Determine the amount of Bad Debt Expense that Jake Company should report on its 20X1 income statement. Also determine the net realizable value of Jake Company's Accounts Receivable after the adjusting entry is made on December 31, 20x1 ermine the of Bad t. Also d the net Income Statement: Bad Debt Expense Bad Debt Balance Sheet Accounts Receivable, Dec. 31, 20X1 Less: Allowance for Doubtful Accounts Net Realizable Value of Accounts Receivable, Dec. 31, 20X1