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please help ASAP (CH 9) If we use the Allowance method of accounting for bad debts, and it's determined that 2% of the total Accounts
please help ASAP
(CH 9) If we use the Allowance method of accounting for bad debts, and it's determined that 2% of the total Accounts Receivable Balance of $126,500 will be uncollectible, make the journal entry needed to adjust the Alowance for Doubtful accounts. The Allowance for Doubtful accounts prior to the adjustment has a credit balance of $525 Debit Allowance for Doubtful Accounts $525, credit Bad Debts Expense $525 Debit Bad Debts Expenso $2,005, credit Allowance for Doubtful Accounts $2,005 Debt Bad Debts Expense $2,530, credit Allowance for Doubtful Accounts $2,530 Debit Allowance for Doubtful Accounts $2,005, credit Bad Debts Expense $2,005 Step by Step Solution
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