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What the adjusting journal entry to update the Allowance

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Question - A company's preliminary trial balance reflects an accounts receivable balance of $80,000 and a debit balance in the Allowance for Doubtful Accounts of $300. Per review of the Aged Receivables listing, 50% of the accounts receivable are current and 50% are over-due. Management estimates that 3% of the current accounts and 3.5% of the over-due accounts will be uncollectible. What the adjusting journal entry to update the Allowance for Doubtful accounts?

Reference no: EM132849782

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