Question: On December 31, 2016, before adjusting entries, the balances of selected accounts of the Bayfront Equipment Company were as follows: Accounts Receivable .................................................... 930,000 Allowance

On December 31, 2016, before adjusting entries, the balances of selected accounts of the Bayfront Equipment Company were as follows:
Accounts Receivable .................................................... 930,000
Allowance for Uncollectible Accounts (debit balance) ............ 3,000 dr.
The company has determined that historically about 3.4 percent of are never collected and uses this basis to determine its bad debts provision. Give the journal entry to record the company's estimated loss from uncollectible accounts on December 31?

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