Show how the amounts related to accoutns receivable

Reference no: EM13160383

During the year ended December 31, 2009, Kelly's Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2009, Accounts Receivable showed a $10,000 debit balance, and the Allowance for Doubtful Accounts showed an $800 credit balance. Collections of accounts receivable during 2009 amounted to $68,000.
Data during 2009 follow:

a. On December 10, 2009, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off.
b. On December 31, 2009, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year.

2. Show how the amounts related to Accoutns Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2009.

Reference no: EM13160383

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