A company has provided the following information prior to any year-end bad debt adjustment: - Cash sales, $150,000 - Credit sales, $450,000 - Accounts receivable, $110,000 - Allowance for doubtful accounts credit balance, $1,200 Freeman prepares an aging of accounts receivable and the result shows that 5% of accounts receivable is estimated to be uncollectible. How much is bad debt expense? $6,700 $4,300 $4,240 $5,500 9,000 A company has provided the following information prior to any year-end bad debt adjustment: - Cash sales, $150,000 - Credit sales, $450,000 - Accounts receivable, $110,000 - Allowance for doubtful accounts credit balance, $1,200 Fairly estimates bad debt expense assuming that 1.5% of credit sales have historically been uncollectible. How much is bad debt expense? $6,750 $2,250 $5,550 $7,950 $7,800 Question 11 15 pts A company has provided the following information for Allowance for Doubtful Accounts: Allowance for Doubtful Accounts Beginning Balance = $2,700 Wrote-off $2,100 of uncollectible accounts Allowance for Doubtful Accounts Ending Balance =3,200 How much did the company record as Bad Debt Expense? $1,600 None of these are correct. $3,800 $500 $2,600 If an account that was previously written-off as uncollectible is subsequently collected, a single journal entry is needed to simply Debit Cash and Credit Accounts Receivable for the amount of the payment. True False