Question: Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 3% of net credit sales. The income statement

Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 3% of net credit sales. The income statement approach is used. The following information is given:

Accounts Receivable Sales (credit) Sales Returns and Allowances Dr. Cr. Mr. @k. 30,000 105,000 490 Allowance for Doubtful Accounts Mr. @k. Sales Discount 13 @Jr., 9,600 5,400

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