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Adjusting Entries: Allowance for doubtful accounts

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Adjusting Entries: Allowance for doubtful accounts on 1/1/06 was $60,000. The balance in the allowance account on 12/31/06 after making the annual adjusting entry was $70,000 and during 2006 bad debts written off amounted to $40,000. You are to provide the missing adjusting entry. For each journal entry write Dr for debit and Cr for credit.

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The solution explains how to prepare the adjusting entry for allowance for doubtful accounts

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The opening balance in the allowance account is $60,000. When account receivable is written off, it ...

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