08 Jun The majority of sales co
Question
The majority of sales conducted by ABC Inc. are in cash, very few customers are offered credit terms. Historically, less than 1% of year-end trade accounts receivable is not collected. There have never been any bad debts. At year end, ABC Inc. adjusts the allowance for doubtful accounts to be 1% of the trade receivables. The following are the account balances from the unadjusted trial balance:
Accounts Receivable – trade Dr $24,500
Allowance for doubtful accounts Cr $85
What is the required adjusting entry on December 31, 2014?
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