Finland Inc has the following Accounts Receivable Aging on March 31

Aging Bucket	Current	1-90 days	91-180 days	181-365 days	366+ days
Amount Outstanding	300,000	180,000	100,000	50,000	15,000

March sales were $320,000

February ending balance in Allowance for Doubtful Accounts was $3,000 Credit

Finland uses the Percentage of Sales Method and a 1% reserve rate. What journal entry should Finland book at the end of March to estimate bad debt?

DR: [ Select ] ["Accounts Receivable", "Bad Debt Expense", "Allowance for Doubtful Accounts", "Cash"] [ Select ] ["3,000", "200", "0", "3,200"]

CR: [ Select ] ["Allowance for Doubtful Accounts", "Cash", "Accounts Receivable", "Bad Debt Expense"] [ Select ] ["200", "3,000", "0", "3,200"]

Answer rating: 100% (QA)

Total sales 320000 Multiply of sales as uncollec... View the full answer