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Journalize the entry to record bad debts expense

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Question - Cooper Company uses the allowance method to account for bad debts. To estimate the amount of uncollectible accounts, Cooper Company uses the percentage of sales method .

A review of the end of the year accounting information finds the following:

  • Net sales for the year, $784,000. This includes $59,000 of cash sales;
  • Ending balance in Accounts Receivable, $96,000;
  • Ending balance in Allowance for Uncollectible Accounts, $791 (debit balance).

After discussions with company management, you determine that 3% of net credit sales is a reasonable estimate of uncollectible acounts.

Required - Journalize the entry to record bad debts expense for the year ended December 31.

Reference no: EM132495764

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