introduction to accounting

Novakowski Products needs to prepare their year-end financial statements. On December 31, 2021, the balance in Accounts Receivable was $680,000. An aging analysis of the accounts receivable indicated that $16,500 of the accounts receivable is expected to be uncollectible. Prepare the adjusting entry to record the estimated bad debt expense using the percentage of receivables approach assuming the Allowance for Doubtful account has a credit batance of $4,800 before the adjusting entry