Use the following information below for the question. Credit Sales for the year: $1,000,000 Accounts...
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Accounting
Use the following information below for the question.
Credit Sales for the year: $1,000,000
Accounts Receivable Balance: 100,000
Allowance for Doubtful Accounts: 4,000 credit balance
1a. If bad debt is estimated as 1% of credit sales, the adjusting entry for bad debt expense includes a debit for: ______
1b. If your company estimates that it will not collect 5% of its accounts receivable, the year-end adjustment to Allowance for Doubtful Accounts will be: _________
Please explain. Thanks
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