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Calculate the estimated bad debt Jim should use

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Question - On 12/31/21 Jim Corporation is trying to make its annual estimated entry for bad debts using the allowance method.  Jim's sales for the year were $300,000 and his historical bad debt rate is 2%.  On March 11, 2022 Jim's customer, Charlotte, declares bankruptcy and is deemed uncollectible owing Jim Corp $4,000.

Calculate the estimated bad debt Jim should use and make the December 31 entry using the allowance method.

Make the 3/11/22 entry on Jim's books to write-off Charlotte's account using the allowance method.

Reference no: EM133117429

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