On January 1, 20x1, Phoenix Company had a beginning balance of $30,000 in the allowance for doubtful
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On January 1, 20x1, Phoenix Company had a beginning balance of $30,000 in the allowance for doubtful accounts.During 20x1, the company wrote off accounts totaling $13,200 and collected $2,100 from an account previously written off.At December 31, 20x1, Phoenix reported their ending Accounts Receivable balance at $1,316,000 and estimate that 3% of the receivables will prove to be uncollectible.
Question 1: What is bad debt expense for the year?
Question 2: What is the ending balance in the Allowance account?
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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