On 1/1/2014 Bore Co. has a credit balance of $270,000 in the allowance for doubtful accounts. During 2014, Bore Co. wrote off $100,000 of accounts receivable as uncollectible. Also, in 2014, a customer whose account was written off in 2013, unexpectedly paid the full amount due of $10,000. On December 31, 2013, the balance in Accounts Receivable was $4,200,000, aged as follows:

1-30 Days (Current)	30-90 Days (Past Due)	Greater than 90 Days (Past Due)
$2,000,000	$1,500,000	$700,000

Bore uses the aging of accounts receivable method to estimate bad debt expense for its fiscal year which ended on on December 31, 2014. No bad debt expense has been recorded thus far in fiscal 2014. Bore estimates that 2%, 6% and 20% of its receivables in the 1-30 day, 30-90 day and greater than 90 categories, respectively, will not be collected.

Required: What is the entry to record bad debt expense for the year ended December 31, 2014?

Prepare the adjusting journal entry to record bad debt expense for the year ended December 31, 2014