Prepare the journal entry to record bad debts expense for

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Reference no: EM13482641

At December 31, 2005, Zurich Company reported this info on itsbalance sheet.

Accounts receivable $960,000

Less: Allowance for doubtful accounts $70,000

During 2006 the company had the following transactions related toreceivables.

1. Sales on account $3,800,000

2. Sales returns and allowances $50,000

3. Collections of accounts receivable $3,000,000

4. Write-offs of accounts receivable deemed uncollectible$90,000

5. Recovery of bad debts previously written off as uncollectible$40,000

Prepare the journal entry to record bad debts expense for 2005, assuming that aging the accounts receivable indicates that expected bad debts are $110,000.

Reference no: EM13482641

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