Question: Journalize the adjusting entry on December 31, 2012, for Bad Debts Expense, which is estimated to be 2% of net sales. The income statement approach

Journalize the adjusting entry on December 31, 2012, for Bad Debts Expense, which is estimated to be 2% of net sales. The income statement approach is used. The following information isgiven:

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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