Using the allowance method for bad debts, the end of the period adjusting entry for estimated bad debts is: Multiple Choice Debit Bad Debts Expense and credit Accounts Receivable. Debit Allowance for Doubtful Accounts and credit Accounts Receivable. Debit Accounts Receivable and credit Allowance for Doubtful Accounts. Debit Allowance for Doubtful Accounts and credit Bad Debts Expense. Debit Bad Debts Expense and credit Allowance for Doubtful Accounts.

Debit Bad Debts Expense and credit Allowance for Doubtful Accounts.

Explanation:

The adjusting entry for the bad debt expense account when using the allowance method is:

Dr Bad debt expense

    Cr Allowance for Doubtful Accounts

Expense accounts all have a debit balance, so at the end of the year you must debit the account in order to record the expense. The allowance for uncollectible accounts is a contra asset account that has a credit balance.

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