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Anna35 [415]
3 years ago
11

Flint Company’s unadjusted trial balance at December 31, 2020, included the following accounts. Debit Credit Accounts receivable

$53,600 Allowance for doubtful accounts 5,450 Net sales $1,209,200 Flint Company estimates its bad debt expense to be 6% of gross accounts receivable. Determine its bad debt expense for 2020. Bad debt expense for 2020 $___________.
Business
1 answer:
sweet [91]3 years ago
3 0

Answer:

Bad debt expense for 2020 is - $ 2,234

Explanation:

Adjustment to the Allowance for Doubtful Debts (Increase or Decrease) are recorded in the Income Statement as part of Bad Debts Expenses as follows;

<em>Increase in Allowance for Doubtful debts = Increases the Bad Debts Expense</em>

<em>Decrease in Allowance for Doubtful debts = Decreases the Bad Debts Expense</em>

During the Period Allowances for Doubtful Debts are calculated as :

Allowances for Doubtful Debts = $53,600 × 6%

                                                    = $ 3,216

Bad Debt Expense = $ 3,216-$5,450

                                =  - $ 2,234

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