Alowance for Doubtful Accounts has a debit balance of $1,778 at the end of the y

Question

Alowance for Doubtful Accounts has a debit balance of $1,778 at the end of the year (before adjustment), and an anslysis of customers' accounts indicates uncollectible receivables of $12,383. which of the follawing entries records the proper adjustment for Bad Debt Expense? Select the correct answer. debit Bad Debt Expense, $14,161 credit Allowance for Doubtful Accounts, $14,161 C debit Añlowance for Doubtful Accounts, $10,605 credit Bad Debt Expense, $10,605 debit Alowance for Doubtful Accounts, $14,161 credn Bad Debt Expense, $14,161 debit Bad Debt Expense, $10,605 credt Nlowance for Doubtful Accounts, $10,605

Explanation / Answer

The correct answer is debit Bad Debt Expense, $14,161; credit Allowance for Doubtful Accounts, $14,161 Bad debt expense (12,383+1,778)        14,161 Allowance for Doubtful accounts        14,161 The correct answer is credit to cash short and over $9 Cash short and over = $(73+15-79) = $9 Cash 15 Rceipts 73 Cash shortt and over 9 Petty cash fund 79

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