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Part III After aging its accounts receivable at 31 December 2019, Tesla Company estimates that $93,000 of the $998,000 outstanding accounts receivable will be uncollectible.

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Part III After aging its accounts receivable at 31 December 2019, Tesla Company estimates that $93,000 of the $998,000 outstanding accounts receivable will be uncollectible. The Allowance for Impairment has a debit balance of $7,789 prior to adjustment. Prepare the adjusting entry required by Tesla Company at 31 December 2019 under the statement of financial position approach. (2 marks)

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