Acc291 Financial Accounting: DO IT! 8-1 Etienne Company has been in business several years

Acc291 Financial Accounting

DO IT! 8-1
Etienne Company has been in business several years. At the end of the current year, the ledger shows:
Accounts Receivable 310,000 Dr.
Sales 2,200,000 Cr.
Allowance for Doubtful Accounts 6,100 Cr.
Bad debts are estimated to be 7% of receivables.

Prepare the entry to adjust the Allowance for Doubtful Accounts.
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