Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At January 1, 2021, Betty DeRose, Inc. reported an allowance for doubtful accounts with a $4,270 credit balance. During 2021, Betty recovered $1,790 from customers

At January 1, 2021, Betty DeRose, Inc. reported an allowance for doubtful accounts with a $4,270 credit balance. During 2021, Betty recovered $1,790 from customers that had been written-off in the previous year. Additionally, during 2021, Betty wrote-off as uncollectible accounts receivable totaling $7,940. At December 31, 2021 Betty DeRose had total accounts receivable of $300,000 and prepared the following aging schedule: Accounts Receivable % Uncollectible not past due $160,000 2% 1-30 days past due 57,000 9% 31-60 days past due 46,000 17% 61-90 days past due 22,000 28% over 90 days past due 15,000 44% total accounts receivable $300,000

Calculate the amount of bad debt expense recorded by Betty DeRose for 2021.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting The Basis For Business Decisions

Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner

International 11th Edition

007115809X, 978-0071158091

More Books

Students also viewed these Accounting questions

Question

=+b) What are the null and alternative hypotheses?

Answered: 1 week ago