Gonzalez Company has been in business several years. At the end of the current year, the ledger

Question:

Gonzalez Company has been in business several years. At the end of the current year, the ledger shows:
Accounts Receivable .............. $ 310,000 Dr.
Sales Revenue ................ 2,200,000 Cr.
Allowance for Doubtful Accounts ......... 6,100 Cr.
Bad debts are estimated to be 5% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts.