(Solved): Avon Inc. reported an allowance for doubtful accounts of $30,000 (credit) at December

Avon Inc. reported an allowance for doubtful accounts of $30,000 (credit) at December 31, 2017, before performing an aging of accounts receivable. As a result of the aging, Avon Ic. determined that an estimated $52,000 of the December 31, 2017, accounts receivable would prove uncollectible. The adjusting entry required at December 31, 2017, would be

Expert Answer

 

Accounts Tilte Dr Cr
Bad Debt expenses $22,000
Allowance for doubtful debts $22,000
(52000-30000)
As already there is credit balance in allowance for
doubtful accounts of $30000 and at the year end the
balance of allownace account has to be $52000 so
bad debt expenses will be debited by there difference
If any doubt please comment. If satisfied you can rate the answer
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