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statuscvo [17]
3 years ago
5

Weyawega Company reported credit sales of $985,750 during 20X1. On December 31, 20X1, the company had gross accounts receivable

of $450,000 and an $18,000 balance in the Allowance for Uncollectible Accounts. The company esitmated Bad Debt Expense at 2% of credit sales. Based on this data, determine the Bad Debt Expense that the company should report on the 20X1 income statement.
Business
1 answer:
jok3333 [9.3K]3 years ago
6 0

Answer:

Explanation:

The computation of the bad debt expense is shown below:

= (Credit sales × estimated percentage given ) - (credit balance of Allowance for Uncollectible Accounts)

= ($985,750 × 2%) -  ($18,000)

= $19,715 - $18,000

= $1,715

= (Credit sales × estimated percentage given ) + (debit balance of Allowance for Uncollectible Accounts)

= ($985,750 × 2%) -  ($18,000)

= $19,715 + $18,000

= $37,715

Since in the question it does not specify that Uncollectible Accounts has debit or credit balance so we computed in the both methods

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