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Prepare the adjusting entry to record bad debt expense

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Question - Carla Vista Company uses the percentage of sales method to record bad debt expense. It estimates that 2% of net credit sales (all made on account) will become uncollectible. Carla Vista Company reported the following information in its general ledger for the year ended September 30, 2021:

Sales

Debit

Credit

886,000

Accounts Receivable

Debit

Credit

277,000

Allowance for Doubtful Accounts

Debit

Credit

2,000

Required -

1. Prepare the adjusting entry to record bad debt expense at year end.

2. Calculate the carrying amount of accounts receivable on September 30, 2021.

Reference no: EM133132341

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