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Kenco Inc. uses the allowance method and an aged accounts receivable as the basis for writing off for bad debts. On 12/31/X1 credit department estimated
Kenco Inc. uses the allowance method and an aged accounts receivable as the basis for writing off for bad debts. On 12/31/X1 credit department estimated that of the balance in accounts receivables on 12/31/X1 would amount to $225,000 for fiscal year 18. The balance in the Allowance for Bad Debts account was a debt of $25,000.
Make the required Journal entry on 12/31/X1.
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