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Musya8 [376]
2 years ago
8

Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts

Receivable of $138,500 and sales of $1,095,000. If uncollectible accounts are estimated to be 0.7% of sales, what is the amount of the bad debts expense adjusting entry
Business
1 answer:
sineoko [7]2 years ago
5 0

The amount of the bad debts expense adjusting entry is:$7665.

<h3>Bad debt expenses</h3>

Using this formula

Bad debt expenses=Sales×Estimated sales percentage

Where:

Sales=$1,095,000

Estimated sales percentage=0.7%

Let plug in the formula

Bad debt expenses=$1,095,000×0.7%

Bad debt expenses= $7,665

Therefore the amount of the bad debts expense adjusting entry is:$7665.

Learn more about bad debt expenses here:brainly.com/question/18568784

#SPJ1

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