Reference no: EM132768622
Problem 1: What is a sales discount?
A. Incentive for the buyer to pay more quickly
B. Supplier reduction in inventory purchase cost
C. Amount of cash collected from customers
D. Net collection after paying sales taxes
A company's controller estimated bad debt expense using the percentage of accounting receivable method. Total sales for the year were $500,000. The ending balance in accounts receivable was $80,000. An examination of the outstanding accounts at the end of the year indicates that approximately 4% of these accounts will ultimately prove to be uncollectible. Before any adjustment, the balance in the allowance for bad debts is $400 (credit). Total accounts written off as uncollectible during the year were $2,500.
Problem 2: Which debit or credit is included in the adjusting journal entry to record bad debt expense for the year?
A. Debit allowance for bad debts for $2,500
B. Credit allowance for bad debts for $3,200
C. Credit allowance for bad debts for $2,800
D. Debit allowance for bad debts for $3,600
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