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Problem 1: Nichols Company uses the percentage of receivables method for recording bad debts expense. The month-end accounts receivable balance is $250,000 and credit sales during the month were $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. The Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment. The adjusting entry that Nichols must make includes:
Option 1: a debit to bad debt expense for $10,000.
Option 2: a credit to the allowance for $30,000.
Option 3: a credit to the allowance for $7,500.
Option 4: a debit to bad debt expense for $40,000.
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