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How much is the total amount of total amount of credit

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Problem 1: On Dec. 31, 2018, Heart Inc. has allowance for doubtful accounts of $4,000. Each month, Heart Inc. makes interim provision for bad debts equal to 1% of credit sales. During 2019, total credit sales are $1,000,000 and $16,000 of accounts receivable is written off. Aging of accounts receivable at December 31, 2019 indicates that an allowance of $20,000 should be provided for doubtful accounts as of that date. How much is the total amount of debit or total amount of credit in the adjusting entry (if there is any) to be made on Dec. 31, 2019?

Reference no: EM132837261

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