Vaughn Manufacturing had a 1/1/20 balance in the Allowance for Doubtful Accounts of $32000. During 2020,...
Vaughn Manufacturing had a 1/1/20 balance in the Allowance for Doubtful Accounts of $32000. During 2020, it wrote off $22100 of accounts and collected $5900 on accounts previously written off. The balance in Accounts Receivable was $610000 at 1/1 and $720000 at 12/31. At 12/31/20, Vaughn estimates that 6% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020?
Homework Answers
Balance in allowance for doubtful accounts:
= $32,000 - $22,100 + $5,900
= $15,800
Bad debt expense for 2020:
= Ending accounts receivable X 6%) - Balance in allowance for doubtful accounts
= ($720,000 X 6%) - $15,800
= $43,200 - $15,800
= $27,400
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Vaughn Manufacturing had a 1/1/20 balance in the Allowance for
Doubtful Accounts of $32000. During 2020,...
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