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What amount of bad debt expense will jojo company report

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Reference no: EM132599611

Consider the following information of JoJo for 2019 is summarized below.

Total credit sales                                  920,000

Accounts receivable at December 31       369,000

Bad debts written off                            23,400

Requirements:

Question (a) What amount of bad debt expense will JoJo Company report if it uses the direct write-off method of accounting for bad debts?

Question (b) Assume that JoJo Company decides to estimate its bad debt expense to be 3% of credit sales. What amount of bad debt expense will JoJo record if Allowance for Doubtful Accounts has a credit balance of 3,000?

Question (c) Assume that JoJo Company decides to estimate its bad debt expense based on 7% of accounts receivable. What amount of bad debt expense will JoJo Company record if Allowance for Doubtful Accounts has a credit balance of 4,000?

Question (d) Assume the same facts as in (c), except that there is a 2,000 debit balance in Allowance for Doubtful Accounts. What amount of bad debt expense will JoJo record?

Reference no: EM132599611

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