On January 1, 2011, Chase Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances...
On January 1, 2011, Chase Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $67,500 and $1,150 (credit), respectively. During the year Chase reported $141,500 of credit sales. Chase wrote off $2,600 of receivables as uncollectible in 2011. Cash collections of receivables amounted to $152,100. Chase estimates that it will be unable to collect two percent (2%) of credit sales. The amount of uncollectible accounts expense recognized in the 2011 income statement will be:
Homework Answers
Correct answer----------$2,830
Working
| General journal | Debit | Credit |
| Bad debts expense | $ 2,830.00 | |
| Allowance for doubtful accounts | $ 2,830.00 |
Bad debts expense will be 2% of $141,500 that is calculated as below
Bad debts expense= 141,500 x 2/100=$2,830
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