Question: Given the information in the T accounts below, journalize the adjusting entry on December 31, 2012, for bad debts expense, which is estimated to be

Given the information in the T accounts below, journalize the adjusting entry on December 31, 2012, for bad debts expense, which is estimated to be 4% of net sales. The income statement approach is used.

Sales Returns and Allowances Accounts Receivable Sales 0,000 110,000 500 Allowance for Doubtful Accounts Sales Discounts 9,500 5,000

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