Business, 26.11.2019 19:31 tabbydory3366
During year 1, kylie department store had total sales of $6,000,000, of which 60% were on credit. during the year, $2,000,000 cash was collected on credit sales. the beginning balance in accounts receivable (on january 1 of year 1) was $330,000. the beginning balance in the allowance for bad debts (on january 1 of year 1) was $40,000. the amount of accounts written off as uncollectible during the year was $54,000.
management has performed an aging analysis on its accounts receivable. the end result of this aging analysis is that the balance in the allowance for bad debts as of the end of year 1 should be $100,000.
which one of the following is included in the journal entry necessary at the end of the year to record bad debt expense for the year?
a. debit to bad debt expense for $100,000
b. debit to allowance for bad debts for $100,000
c. debit to accounts receivable for $100,000 debit to bad debt expense for $114,000
d. debit to allowance for bad debts for $114,000
e. debit to accounts receivable for $114,000
Answers: 1
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During year 1, kylie department store had total sales of $6,000,000, of which 60% were on credit. du...
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