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Accounting: Provide the Missing Adjusting Entry

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Allowance for doubtful accounts on 1/1/10 was $50,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $65,000, and during 2010 bad debts written off amounted to $40,000.

You are to provide the missing adjusting entry.

Please indicate DR (debit) or CR (credit) to the left of the account title, and place a comma between the account title and the amount of the adjustment.

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The solution provides the missing adjusting entry.

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The missing adjusting entry relates to the bad debt expense adjustment. We first calculate ...

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