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Question - Effective with the current year, Fateful company adopted a new accounting method for estimating the allowance for doubtful accounts at the amount indicated by the year-end aging of accounts receivable.
Allowance for doubtful accounts, January 1 - 250,000
Provision for doubtful accounts during the year (2% on credit sales of 10,000,000) - 200,000
Accounts written off during the year - 205,000
Estimated uncollectible accounts per aging, December 31 - 220,000
What amount should be reported as doubtful accounts expense for the current year?
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