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laila [671]
3 years ago
6

On December 31, 2016 before adjusting entries, Accounts Receivable for Nickolas Company had a debit balance of $200,000, and the

Allowance for Doubtful Accounts had a credit balance of $6,000. Credit sales for the year were $1,600,000.
If credit losses are estimated at 1% of credit sales:

a. The balance of the Allowance for Doubtful Accounts will be $10,000 after adjustment.
b. The balance of the Allowance for Doubtful Accounts will be $22,000 after adjustment.
c. The balance of the Allowance for Doubtful Accounts will be $16,000 after adjustment.
d. Bad Debts Expense for the year will be $22,000.
Business
1 answer:
Karo-lina-s [1.5K]3 years ago
4 0

Answer:

b. The balance of the Allowance for Doubtful Accounts will be $22,000 after adjustment.

Explanation:

If credit losses are estimated at 1% of credit sales than balance of allowance for doubtful account after adjustment will be = $6,000 + $1,600,000 * 1%

= $6,000 + $16,000

= $22,000

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