Adjusting entries allowance for doubtful accounts made on, Financial Accounting

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Adjusting entries allowance for doubtful accounts made on

Adjusting Entries: Allowance for Doubtful Accounts made on 1/1/1X was $70,000. The balance in the allowance account on 12/31/1X after making the annual adjusting entry was $150,000 and during 201X bad debts written off amounted to $60,000. You are to provide the missing adjusting entry. For each journal entry write Dr. for debit and Cr. for credit.

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