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Crane Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 2%...

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Accounting

Crane Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 2% of accounts receivable will become uncollectible. Accounts receivable are $535,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,250.

(a)

Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

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