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Setler [38]
3 years ago
7

Wheeling Inc. uses the aging of accounts receivable method. Its estimate of uncollectible receivables resulting from the aging a

nalysis equals $5,300. At the end of the year, the balance of Accounts Receivable is $103,000 and the unadjusted debit balance of the Allowance for Doubtful Accounts is $560. Credit sales during the year totaled $156,000. What is the estimated Bad Debt Expense for the current year?
Business
1 answer:
avanturin [10]3 years ago
6 0

Answer:

The estimated Bad Debt Expense for the current year is $5860

Explanation:

Wheeling Inc. uses the aging of accounts receivable method to estimated Bad Debt Expense for the current year is as follows;

Uncollected receivables = $5300

Doubtful Accounts = $560

Bad Debt Expense for the current year = Uncollected receivables + Doubtful Accounts

Bad Debt Expense for the current year = $5300 + $560

Bad Debt Expense for the current year = $5,860.

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Date    General Journal                         Debit       Credit

            Cash                                         $15,400

            Accumulated Depreciation    $39,600

                    Equipment - Delivery truck              $55,000

           (Assuming the truck was sold for $15,400 cash)

            Cash                                         $16,500

            Accumulated Depreciation     $39,600

                     Gain on sale                                      $1,100

                     Equipment - Delivery truck              $55,000

            (Assuming the truck was sold for $16,500 cash)

            Cash                                          $12,700

            Accumulated Depreciation      $39,600

            Loss on sale                              $2,700

                      Equipment - Delivery truck               $55,000

             (Assuming the truck was sold for $12,700 cash)

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