At december 31, amy jo's appliances had account balances in accounts receivable of $309,000 and $600 (credit) in allowance for uncollectible accounts. an analysis of amy jo's december 31 accounts receivable suggests that the allowance for uncollectible accounts should be 5% of accounts receivable. bad debt expense for the year should be:

Bad debt expense  $ 14.850

Explanation:

Initial Balance    

Accounts Receivable  $ 309.000  

Allowance for Uncollectible Accounts  $ 600  

Should be 5% of the Accounts Receivables    

Allowance for Uncollectible Accounts  $ 15.450

We must calculate the difference between the actual balance and the must be balance.

Adjustment entry

Bad debt expense  $ 14.850  

Allowance for Uncollectible Accounts  $ 14.850

END Balance    

Accounts Receivable  $ 309.000  

Allowance for Uncollectible Accounts  $ 15.450  

fractionally backed paper money

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metallic money

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