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Sphinxa [80]
2 years ago
13

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 4% of credit sales will

be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,100. During the year, Abbott wrote off accounts receivable totaling $2,100 and made credit sales of $94,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be
Business
1 answer:
OverLord2011 [107]2 years ago
8 0

Answer:

$3760

Explanation:

Calculation to determine the December 31 balance in Bad Debt Expense

Using this formula

Bad debt expense = Credit sales × Uncollectible percentage

Let plug in the formula

Bad debt expense= $94,000 × 4%

Bad debt expense= $94,000 × 0.04

Bad debt expense= $3760

Therefore the December 31 balance in Bad Debt Expense will be $3760

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Answer:

May 24

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Explanation:

Rules:

Debit side:

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May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

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6 0
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geniusboy [140]

Answer:

Adverse impact

Explanation:

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In this question, the company has most of its branches in English-speaking countries hence they only gave preferences to English-speaking trainers to impart training to employees in different countries

7 0
3 years ago
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3 years ago
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Answer:

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