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Ierofanga [76]
3 years ago
8

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

receivable of $108,500, allowance for doubtful accounts of $705 (credit) and sales of $945,000. if uncollectible accounts are estimated to be 0.7% of sales, what is the amount of the bad debts expense adjusting entry?
Business
2 answers:
xeze [42]3 years ago
7 0

Amount of bad debts adjusting entry = 0.7% * 945,000 = 0.7/100 * 9450,000 = $6,615

The amount of the bad debts expense adjusting entry = $6,615

Mekhanik [1.2K]3 years ago
3 0

Answer:

<em><u>The answer is</u></em>: <u>$ 6,615.</u>

<u />

Explanation:

If bad accounts are estimated at 0.7% of sales, and sales amount to $ 945,000, what you need to do is multiply $ 945,000 by 0.007 which is the result of dividing 0.7 by 100.

The amount of the entry for adjustment of expenses for bad debts would be: $ 945,000 x 0.007 = $ 6,615.

<em><u>The answer is</u></em>: <u>$ 6,615.</u>

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