Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $43,050 and $3,350, respectively. During the year, the company wrote off $2,570 in uncollectible accounts. In preparation for the company's Year 2 estimate, Domino prepared the following aging schedule: Number of days Receivables % Likely to be past due amount uncollectible Current $ 67,000 1% 0-30 26,000 5% 31-60 6,460 10% 61-90 3,220 25% Over 90 2,900 50% Total $ 105,580 What will Domino record as Uncollectible Accounts Expense for Year 2?

Bad debts expense for the year                            $ 4,091

Explanation:

Computation of allowance for uncollectible accounts

Ageing Days                 Balance        % Uncollectible             Uncollectible

                                           $                                                     amount  $

 Current                       67,000                     1 %                               670

 0 - 30 days                 26,000                    5 %                            1,300

 31 - 60 days                 6,460                     10 %                              646

 61 - 90 days                 3,220                     25 %                             805

Over 90 days                2,900                    50 %                         1,450

Totals                            105,580                                                    4,871

Computation of bad debts expense for the year

Opening balance allowance for uncollectible accounts             3.350

Less: Accounts written off during the year                                   2,570

Pre adjusted balance allowance for uncollectible accounts          780

Bad debts expense for the year =

(required balance - pre adjusted balance = $ 4,871 - $ 780   $  4,091  

explanation: doctrine of respondeat superior is a legal doctrine that is commonly used in tort. this principle makes an employer or principal legally responsible for the wrongful acts done by an employee or agent, if such acts occur within the scope of the employment or agency.

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