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Problem 1: Accounts Receivable is 120,000, Sales are $60,000, balance in the Allowance for Doubtful Accounts is a credit of $900, and the % of uncollectible credit sales is 5%. If a company is using the Allowance method, and the Income Statement method, what would be the adjusting entry needed to account for uncollectible accounts?
Group of answer choices
Option 1: Credit to Bad Debt Expense and debit to Allowance for Doubtful Accounts for $3,000.
Option 2: Debit to Bad Debt Expense and credit to Allowance for Doubtful Accounts for $2,100.
Option 3: Debit to Bad Debt Expense and credit to Allowance for Doubtful Accounts for $6,000.
Option 4: Debit to Bad Debt Expense and credit to Allowance for Doubtful Accounts for $3,000.
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