Missing adjusting entry for Allowance for Doubtful Account
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Adjusting Entries: Allowance for Doubtful Accounts made on 1/1/10 was $70,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $100,000 and during 2010 bad debts written off amounted to $50,000.
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 provides the missing adjusting entry for the Allowance for Doubtful Accounts.
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