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Make the adjusting journal entry to record bad debts expense

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Question - Siew Lan uses the allowance method to record bad debts expense. At the end of December, it is estimated that $6,000 of Siew Lan's accounts receivable will be uncollectable.

Accounts receivable at 31 December are $300,000 and the Allowance for doubtful debts has a credit balance of $5,000 before adjustment.

Required -

1. Make the adjusting journal entry to record bad debts expense for the year ended 31 December. Narrations are not required for the entries.

2. Determine the amount of the bad debts expense if the balance in the Allowance account is a debit of $500 instead of a credit of $5,000.

Reference no: EM132570774

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