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The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2016, the allowance account had a credit balance of $80,000. Credit sales for 2016 totaled $2,970,000 and the year-end accounts receivable balance was $660,000. During this year, $76,500 in receivables were determined to be uncollectible. Manda Panda anticipates that 3% of all credit sales will ultimately become uncollectible. The fiscal year ends on December 31.
Required: 1. Does this situation describe a loss contingency? No OR Yes
2. What is the bad debt expense that Manda Panda should report in its 2016 income statement? Bad debt expense?
3. Prepare the appropriate journal entry to record the contingency. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1. Record the contingency.
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