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What will be the balance in allowance for doubtful accounts

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Mellon Corporation, The data presented below are for Mellon Corporation for the year ended December 31, 2017:

Mellon Corporation Sales (100% on credit) $1,500,000

Sales returns $60,000

Accounts receivable (December 31, 2017) $250,000

Allowance for doubtful accounts (credit balance) $3,000

(before adjustment at December 31, 2017)

Estimated amount of uncollectible accounts based on an aging analysis $31,000

Problem 1: If Mellon uses 2% of net credit sales to estimate its bad debts, what will be the balance in the Allowance for Doubtful Accounts account after the adjustment for bad debts?

a.$31,800

b.$33,000

c.$25,800

d.$27,000

Reference no: EM132789924

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