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BARSIC [14]
3 years ago
12

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will

be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,300. During the year, Abbott wrote off accounts receivable totaling $2,300 and made credit sales of $113,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be?
Business
1 answer:
kolezko [41]3 years ago
6 0

Answer:

$ 2,260

Explanation:

Since Allowance method is used,

Bad Debt Expense balance would be % estimated to be uncollectible.

Balance in Bad Debt Expense after adjusting entry would be

= $ 113,000 Credit sales x 2%

= $ 2,260

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