Allowance for Doubtful Accounts has a credit balance of $629 at the end of the y

Question

Allowance for Doubtful Accounts has a credit balance of $629 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $17,532. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer debit Bad Debt Expense, $16,903; credit Allowance for Doubtful Accounts, $16,903 Odebit Allowance for Doubtful Accounts, $629; credit Bad Debt Expense, $629 Odebit Bad Debt Expense, $629; credit Allowance for Doubtful Accounts, $629 Odebit Allowance for Doubtful Accounts, $18,161; credit Bad Debt Expense, $18,161

Explanation / Answer

Bad debts expense 16903        Allowance for Doubtful accounts 16903 Option 1 is correct

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