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What is bad expense in this situation

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Question - Annendale fashions has a receivables balances of $14,600 at the end of the year. Based on past history, annendale fashions estimates that it will not collect 2% of its receivables balance. Prior to any year-end adjustment, the balance in the allowance account is a $210 debit.

Required:

a. Prepare the journal entry to record the bad debt expense for the year.

Show your calculation of bad debt expense in T-account form. If an amount box does not require an entry, leave it blank or enter "0".

b. Assume that $100 credit instead of the $210 debit. What is bad expense in this situation.

Show calculation in T-account form. If an account box does not require an entry, leave it blank or enter "0".

Reference no: EM132103821

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