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Tosh and Sons Inc. uses the percentage of receivables approach to estimate its uncollectible accounts. The company had sales of $100,000 at the end of its financial year on June 30, 2020. The allowance for doubtful debts account had a debit balance of $400, the accounts receivable balance was $30,000 at year end and the company estimates the uncollectible percentages as follows:
Current (1 - 30 days) $15,000 0.5%
31 - 60 days $10,000 2.0%
61 - 90 days $3,000 10.0%
Over 90 days $2000 60.0%
Required:
Problem a. Calculate the bad debt expense at June 30, 2020.
Problem b. Prepare the necessary journal entry to record the bad debt expense for the year.
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