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    Missing adjusting entry

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    Allowance for doubtful accounts on 1/1/10 was $60,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $55,000, 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 Preview

    The missing adjusting entry would be bad debt expense.

    The beginning balance is 60,000 ...

    Solution Summary

    The solution explains the missing adjusting entry for bad debt expense