You are provided with the following information about Nyanza Corp.: i. Accounts receivable on December 31, 2015
Question:
You are provided with the following information about Nyanza Corp.:
i. Accounts receivable on December 31, 2015 = $287,500.
il. Sales during the year ended December 31, 2015 = \($3,758,000\) (all sales are on credit).
iil. Accounts receivable written off during 2015 = $108,250.
iv. Balance in Allowance for uncollectible accounts on December 31, 2014 = $112,500.
v. Historically, an average of 1.5 percent of credit sales has been uncollectible.
Required:
Calculate Nyanza’s bad debt expense for the year ended December 31, 2015, and the allowance for uncollectible accounts on December 31, 2015. Prepare the journal entry required to record the bad debt expense.
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