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AveGali [126]
3 years ago
5

A newly created design business called Smart Art is just finishing up its first year of operations. During the year, there were

credit sales of $40,000 and collections of credit sales of $36,000. One account for $650 was written off. Smart Art uses the aging method to account for uncollectible account expense. It has estimated $200 as uncollectible at year-end. At the end of the year, what is the ending balance in the Bad Debts Expense account?
Business
2 answers:
Inessa05 [86]3 years ago
6 0

Answer:$34550

Explanation:

36000-650-(2%x40000)=$34550

vladimir2022 [97]3 years ago
4 0

Answer:

Bad debts expenses shall be $ 850

Explanation:

The balance in the bad debts expense account shall be the aggregate of the amounts written off and the estimated uncollectible accounts based on ageing at the year end.

Amount written off during the year                                                 $ 650

Estimated uncollectible account provided at year end                 <u>$ 200</u>

Total Bad Debts expenses                                                               $ 850

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