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    Journal entry for the allowance account

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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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    Solution Summary

    The solution provides adjusting journal entry for the allowance account.