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Record bad debts expense at year end

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Question - Just before adjusting entries are made at year end, Jack and Jill Company's Accounts Receivable account has a balance of $200,000 and the Allowance for Doubtful Accounts account has a debit balance of $2,000. Net credit sales for the year were $1,500,000. Past experience suggests that 2% of net credit sales will prove to be uncollectible. An aging analysis of Accounts Receivable indicates a $45,000 estimate of uncollectible accounts. Assuming that Jack and Jill Company decides to use a balance sheet approach to estimating uncollectible accounts at year end, the adjusting journal entry to record Bad Debts expense at year end will be for?

Reference no: EM132561591

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