Accounting -The Allowance for Bad Debts account has a credit balance of $2,000

Accounting -The Allowance for Bad Debts account has a credit balance of $2,000

Question # 00114069 Posted By: echo7 Updated on: 10/07/2015 01:29 PM Due on: 11/06/2015
Subject Business Topic General Business Tutorials:
Question
Dot Image

The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company’s management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. What will be the balance of the Allowance for Bad Debts reported on the balance sheet at December 31, 2015?

$5,285


$7,275


$7,000


$3,075

Dot Image
Report this Question as Inappropriate
Tutorials for this Question
  1. echo7
    Tutorial # 00108505 Posted By: echo7 Posted on: 10/07/2015 01:29 PM
    Puchased By: 3
    Tutorial Preview
    The solution of Accounting -The Allowance for Bad Debts account has a credit balance of $2,000...
      Get the Solution
    Attachments
    Doc49.docx (26.22 KB)
    Recent Feedback
    Rated By Feedback Comments Rated On
    ...ri Rating Gives best advice and strategies 05/04/2017
  Get the Solution

Great! We have found the solution of this question!

Related Questions and Answers

Whatsapp Lisa