I need answer ASAP! Tanning Company analyzes its receivables to estimate bad debt expense....
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Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $994,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 8% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $1,000 before adjustment? Oa. Bad Debt Expense 30,020 Allowance for Doubtful Accounts 30.020 Ob. Bad Debt Expense 31,520 Allowance for Doubtful Accounts 31,520 Oc. Bad Debt Expense 30,520 Allowance for Doubtful Accounts 30,520 d. Bad Debt Expense 29,520 Allowance for Doubtful Accounts 29,520
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