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Answer
- Adjusted balance required in Allowance account
= (73000 x 6%) + (38000 x 20%) + (5000 x 60%)
= 4380 + 7600 + 3000
= $ 14,980 CREDIT - Unadjusted balance existing in Allowance account
= $ 1400 DEBIT - Bad Debt Expense
= $ 14980 + 1400
= $ 16,380 - Adjusting entry would be:
[Debit] Bad Debt Expense $ 16,380
[Credit] Allowance for Uncollectible accounts $ 16,380
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