Question
1. Before a write-off of an uncollectible account, Accounts Receivable had a $240,000 balance, and the Allowance for Doubtful Accounts had a $2,200 credit balance.
1. Before a write-off of an uncollectible account, Accounts Receivable had a $240,000 balance, and the Allowance for Doubtful Accounts had a $2,200 credit balance. After a write-off of $1,000, the net realizable value is...
2. Ide Corporation had a 1/1/21 balance in the Allowance for Doubtful Accounts of $4,000. During 2021, it wrote off $3,600 of accounts and collected on accounts previously written off. The balance in Accounts Receivable was $10,000 at 1/1 and $11,000 at 12/31. At 12/31/21, Ide estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2021?
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