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    Adjusting Entries for Allowance for Doubtful Accounts

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    Adjusting Entries: Allowance for doubtful accounts on 1/1/10 was $40,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000 and during 2010 bad debts written off amounted to $30,000. You are to provide the missing adjusting entry. For each journal entry write Dr for debit and Cr for credit.

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    Solution Preview

    The missing entry is for bad debt expense. The opening balance in the allowance account is ...

    Solution Summary

    The concise solution explains a missing entry in order to allow for doubtful accounting occurrences.