Final answer:
A company adjusts for future uncollectible debt by debiting the expense account and crediting a contra-asset account, impacting both the income statement and balance sheet.
Step-by-step explanation:
When a company makes an adjustment in anticipation of future uncollectible debt, the correct entry is: d) it debits an expense account and credits a contra-asset account. This entry is made to account for the estimated bad debts that are expected to arise from current period credit sales.
The allowance for doubtful accounts is a contra-asset account that offsets the accounts receivable balance on the balance sheet. The entry will increase the bad debt expense on the income statement, reflecting the cost of estimated future uncollectible debts, and will decrease the net accounts receivable on the balance sheet to reflect that not all receivables will be collected.