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Prepare the journal entry to estimate bad debt

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Question - Dangerfield Inc. had net sales in 2008 of $1.1 million. At Dec. 31, 2008, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $250,000; Allowance for Doubtful Accounts $2,800 credit.

Required - Prepare the journal entry to estimate bad debt if:

1. 8% of accounts receivable will prove to be uncollectible.

2. 2% of net sales will become uncollectible.

Reference no: EM132556524

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