Chapter 7 Quir thtm Chapter 7 Quiz Help Save& Exit Submit The following informat

Question

Chapter 7 Quir thtm Chapter 7 Quiz Help Save& Exit Submit The following information relates to a company's accounts receivable: accounts receivable balance at the beginning of the credit sales during the year, $1,500.000, accounts receivable written off during the year, $21,000; cash collections year, $410,000: allowance for uncollectible accounts at the beginning of the year, $30,000 (credit balance) from customers, $1,400,000. Assuming the company estimates bad debts at an amount 1. Calculate bad debt expense for the year. 2, Calculate the year-end balance in the allowance for uncollectible accounts. equal to 3% of credit sales. 00424a) 1 Bad debt expense 2. Ending balance ype here to search

Explanation / Answer

1 Bad debt expense = 1500000*3% = $45000 2 Ending balance = 30000-21000+45000= $54000

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