Prepare the adjusting journal entry for Bad Debts Expense from the following information using the balance sheet approach.
$\begin{array}{llcc}
\text { Net Sales for the year} &\$250,000 \
\text {Balance in the allowance account } &250 \text {credit}\
\text {Estimated percentage of sales uncollectible } &1\%\
\text { Estimated uncollectible accounts-aging } &\$3,000\
\end{array}$

Question

Prepare the adjusting journal entry for Bad Debts Expense from the following information using the balance sheet approach.
 $\begin{array}{llcc}
  \text {  Net Sales for the year} &\$250,000  \
 \text {Balance in the allowance account  } &250 \text {credit}\
 \text {Estimated percentage of sales uncollectible  } &1\%\
 \text { Estimated uncollectible accounts-aging } &\$3,000\
\end{array}$

Quizplus · Accepted Answer

The Answer of Prepare the adjusting journal entry for Bad Debts Expense from the following information using the balance sheet approach.
 $\begin{array}{llcc}
  \text {  Net Sales for the year} &\$250,000  \
 \text {Balance in the allowance account  } &250 \text {credit}\
 \text {Estimated percentage of sales uncollectible  } &1\%\
 \text { Estimated uncollectible accounts-aging } &\$3,000\
\end{array}$

Prepare the Adjusting Journal Entry for Bad Debts Expense from the Following