30. Kramer Company uses the aging method of accounts receivable method and determined that $5,000 of...
30. Kramer Company uses the aging method of accounts
receivable method and determined that $5,000 of the company’s
Accounts Receivable are estimated to be uncollectible. At the end
of the year, the balance of Accounts Receivable is $100,000 and the
unadjusted DEBIT balance of the Allowance for Doubtful Accounts is
$500. Credit sales during the year totaled $150,000. What is the
current year’s Bad Debt Expense? (This is in my
notes)
$94,500
$95,000
None of the above
$155,000
$95,500
Homework Answers
Correct answer--------None of the above
Working
| Amount uncollectible (adjusted ending balance for Allowance account) | $ 5,000.00 | Cr |
| Unadjusted balance of Allowance for Doubtful account | $ 500.00 | Dr |
| Adjustment required to be recorded as bad debt expense | $ 5,500.00 | Cr |
Bad debts expense will be $5500 so none if the options are correct.
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30. Kramer Company uses the aging method of accounts
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