Accounts receivable for the Clyborn Company totaled $41,000 and the Allowance for Uncollectible Accounts balance was...
Accounts receivable for the Clyborn Company totaled $41,000 and
the Allowance for Uncollectible Accounts balance was positive $570
at year end after write offs (i.e., the bad debt expense had been
over estimated in the prior period) but before recording the
year-end estimate of uncollectible accounts. The company wrote off
$490 of uncollectible accounts during the year. Management
estimated that 3% of its net credit sales of $55,000 would not be
collected.
Compute the bad debt expense for the year using the
percentage-of-credit-sales method.
Select one:
A. $1,080
B. $ 80
C. $ 490
D. $1,650
Homework Answers
Bad debt expense = Credit Sales*Percentage uncollectible
= 55000*3%
Bad debt expense = 1650
So answer is d) $1650
Add Answer to:
Accounts receivable for the Clyborn Company totaled $41,000 and the Allowance for Uncollectible Accounts balance was...
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