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Chen Company's account balances at December 31, 2007 for Accounts Receivable and the Allowance for Doubtful Accounts are $320,000 debit and $600 credit. Sales during 2007 were $900,000. It is estimated that 1% of sales will be uncollectible. The adjusting entry would include a credit to the allowance account for

1. $9,600.

2. $9,000.

3. $8,400.

4. $3,200.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M985561

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