Homework Answers
Bad debt expense = Sales * 1%
= 317000 * 0.01
= 3170
Journal Entry:
Date Account title Debit Credit
Dec 31 Bad debt expense 3170
Allowance for doubtful account 3170
(Being bad debt expense recorded for the year)
Balance sheet Presentation:
Current Assets:
Accounts Receivable 36000
Less: Allowance for doubtful accounts -3170 32830
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