Information on Sunland Company for 2021 follows: Total credit sales $890,000 Accounts receivable at December 31...
Information on Sunland Company for 2021 follows: Total credit sales $890,000 Accounts receivable at December 31 35,600 Uncollectible accounts written off 16,200 Amount collected on accounts previously written off (after write off but before year end) 3,800 (a) New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect. Assume that Sunland Company decides to estimate its uncollectible accounts using the allowance method and an aging schedule. Uncollectible accounts are estimated to be $22,000. What amount of bad debt expense will Sunland Company record if Allowance for Doubtful Accounts had an opening balance of $15,700 on January 1, 2021? Bad debt expense $ 25,300
Homework Answers
Answer:
Total credit sales = $890,000
Accounts receivable at December 31 = 35,600
Uncollectible accounts written off = 16,200
Amount collected on accounts previously written off (after write off but before year end) = 3,800
a.) The bad debts estimated are to be $22000 and the provision already created for the bad debts or uncollectable receivable is $ 15700
Hence the provision to be created now shall $ 22000 - $ 15700 = $ 6300 shall be credited to Allowance for doubtful debts.
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