On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts....
On January 1,2018, 2018 Monty has a $1,100 credit balance in the allowance for doubtful accounts. During 2018, Monty has net credit sales of $250,000. On December 31, 2018 Monty has a balance in accounts receivables of $100,000. Monty estimates that 3% of receivables will prove uncollectable. What is the adjusting journal entry that Monty should make based on this information?
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Dr. Bad debt expense 3,000 Credit Accounts Receivable 3,000 |
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Debit Bad debt expense 1,900 Credit Allowance for doubtful accounts 1,900 |
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Debit Bad debt expense 4,100 Credit Allowance for doubtful accounts 4,100 |
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Debit Allowance for doubtful accounts 6,400 Credit bad debt expense 6,400 |
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On January 1,2018, 2018 Monty has a $1,100 credit balance in the
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