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The Allowance for Bad Debts has a credit balance of $3,000 at the end of the year before adjustment, and a "percent of sales" estimate indicates...
The Allowance for Bad Debts has a credit balance of $3,000 at the end of the year before adjustment, and a "percent of sales" estimate indicates there are accounts that are uncollectible of $9,000. Which of the following adjusting entries would correctly record the adjustment to Allowance for Bad Debts? no adjustment is required for the allowance method
debit Allowance for Bad Debts, $9,000; credit Bad Debt Expense, $9,000
debit Bad Debt Expense, $9,000; credit Allowance for Bad Debts, $9,000
debit Bad Debt Expense, $12,000; credit Allowance for Bad Debts, $12,000
