At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $313,000 and in...
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $313,000 and in Allowance for Uncollectible Accounts of $650 (credit) before any adjustments. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. Bad debt expense for the year should be:
Multiple Choice
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$6,910.
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$5,111.
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$6,260.
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$5,610.
Homework Answers
| Accounts Receivable | $313,000 |
| Allowance for uncollectible accounts | 2% |
| Estimated Allowance for uncollectible accounts | $6,260 |
| Less: Allowance for Uncollectible Accounts Credit balance | ($650) |
| Bad debt expense | $5,610 |
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