Asphalt Company had the following information at year end prior to any adjustments: Accounts Receivable $242,560 Allowance for Doubtful Accounts $3,271 (credit balance) Sales $1,645,730 Asphalt Company estimates that 3% of accounts receivables will be uncollectible. What amount should be in the adjusting journal entry for bad debts? (Round answers to the nearest whole dollar.)

Answer rating: 100% (QA)

Calculating the Bad Debt Adjustment for Asphalt Company Heres how to find the amount for the adjusti... View the full answer