Question: Assuming that in Exercise 13B-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of

Assuming that in Exercise 13B-2 the approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,000 balance in the Allowance account will be needed to cover bad debts.
In Exercise13B-2

Sales Returns and Allowances Accounts Receivable Sales Dr. Cr Dr. Cr 31,000 113,000 540 Allowance for Doubtful Accounts Dr. Cr. Sales Discount Dr. Cr 9,100 4,700

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