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PolarNik [594]
3 years ago
14

Mill Co.’s allowance for credit losses was $100,000 at the end of Year 2 and $90,000 at the end of Year 1. For the year ended De

cember 31, Year 2, Mill reported credit loss expense of $16,000 in its income statement. What amount did Mill debit to the appropriate account in Year 2 to write off actual bad debts?
Business
1 answer:
MatroZZZ [7]3 years ago
7 0

Answer:

The amount worth $6,000 will be debited to the account in Year 2

Explanation:

When the uncollectible accounts are written off, then the debit is created to the allowance and the credit to the accounts receivable. The starting balance in the allowance account is $90,000 and the ending balance is $100,000 and the expense of bad debt is $16,000

The write off is computed as:

Write off = Beginning balance + Bad debt expense - Ending balance

= $90,000 + $16,000 - $100,000

= $106,000 - $100,000

= $6,000

Therefore, the amount of $6,000 is to be write off in Year 2

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