The majority of sales conducted by ABC Inc are in cash, very few customers are offered credit terms Historically, less than 1 of yearend trade accounts receivable is not collected There have never been any bad debts At year end, ABC Inc adjusts the allowance for doubtful accounts to be 1 of the trade receivables The following are the account balances from the unadjusted trial balanceAccounts Receivable trade Dr $24,500Allowance for doubtful accounts Cr $85What is the required adjusting entry on December 31, 2014

Answer rating: 100% (QA)

SOLUTION Allowance for doubtful accounts require... View the full answer