Question: Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 9% of net credit sales. The income statement

Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 9% of net credit sales. The income statement approach is used. The following information is given:

Accounts Receivable Sales (credit) Dr. Cr. Sales Returns and Allowances Dr. Cr Dr. Cr. 26,000 107,000 480 Allowance for Doubtful Accounts Dr. Cr. Sales Discount Dr. Cr. 9,200 4,800

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