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Charmed, Inc. had credit sales for the period of $142,000. The balance in Allowance for Doubtful Accounts is a debit of $643.
Charmed, Inc. had credit sales for the period of $142,000. The balance in Allowance for Doubtful Accounts is a debit of $643. If Charmed estimates that 2% of credit sales will be uncollectible, what is the required journal entry to record estimated uncollectible accounts?
A. Debit Bad Debt Expense, $3,483; credit Allowance for Uncollectible Accounts, $3,483.B. Debit Bad Debt Expense, $2,197; credit Allowance for Uncollectible Accounts, $2,197. C. Debit Bad Debt Expense, $2,840; credit Allowance for Uncollectible Accounts, $2,840. D. No entry is required.
