Homework Answers
Account receivable balance = $314,000
Estimated uncollectibles = 3% of accounts receivable
=314,000 x 3%
= $9,420
Existing credit balance of allowance for doubtful accounts = $3,000
Bad debt expense =Estimated uncollectibles - Existing credit balance of allowance for doubtful accounts
= 9,420-3,000
= $6,420
Hence, the following adjusting entry is needed:
| Bad debt expense | $6,420 | |
| Allowance for doubtful accounts | $6,420 |
Second option is correct option.
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