(Answered) Question - the majority of sales conducted by abc inc are

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Question - The majority of sales conducted by ABC Inc. are in cash, very few customers are offered credit terms. Historically, less than 1% of year-end trade accounts receivable is not collected. There have never been any bad debts. At year end, ABC Inc. adjusts the allowance for doubtful accounts to be 1% of the trade receivables. The following are the account balances from the unadjusted trial balance:

Accounts Receivable - trade Dr $24,500

Allowance for doubtful accounts Cr $85

What is the required adjusting entry on December 31, 2014?

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