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Licemer1 [7]
3 years ago
13

Manley operates a law practice on the accrual method and calendar year. at the beginning of the year manley's firm had an allowa

nce for doubtful accounts with a balance of $15,000. at the end of the year, manley recorded bad debt expense of $23,000 and the balance of doubtful accounts had increased to $18,000. what is manley's deduction for bad debt expense this year?
Business
1 answer:
vazorg [7]3 years ago
4 0

The bad debts expense signifies the straight write off of the bad accounts which is the $20,000 along with an increase in the allowance which is an approximation of the bad accounts to be written off in the future which is the $3,000. The growth in the allowance account cannot be subtracted.

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3 years ago
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NikAS [45]

Answer:

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3 years ago
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nirvana33 [79]

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