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Wrangler Inc. uses the percentage of credit sales method to estimate Bad Debt Expense. At the end of the year, the company's un-adjusted trial balance includes the following:
Accounts Receivable$351,000
Allowance for Doubtful Accounts (credit balance) 400
Net Credit Sales 902,000
Question 1: Wrangler has experienced bad debt losses of 0.7% of credit sales in prior periods. What is the Bad Debt Expense to be recorded for the year?
Option 1: $6,714
Option 2: $5,914
Option 3: $6,314
Option 4: $7,114
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