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​The following information relates to a company's accounts receivable: accounts recelvable balance at the beginning of the year $350,000


The following information relates to a company's accounts receivable: accounts recelvable balance at the beginning of the year $350,000; allowance for uncollectible accounts at the beginning of the year, $24,000 (credit balance); credit sales during the year, $1,200,000; accounts receivable written off during the year, $15,000: cash collections from customers, $1.100,000. Assuming the company estimates that future bad debts will equal 12% of the year-end balance in accounts receivable.

 1. Calculate the year-end balance in the allowance for uncollectible accounts

 2. Calculate bad debt expense for the year 1. 

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Answer #1

1. Balance in the allowance for uncollectible accounts

= 24,000-15,000+24,000

=33,000

2. Bad debt expense =

= 1,200,000*2%

= 24,000

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