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Blackfly Ltd. had sales of $500,000 in 2007, all made on credit terms. The company...

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Accounting

Blackfly Ltd. had sales of $500,000 in 2007, all made on credit terms. The company collected $25,000 from credit sales made in 2006, and at the end of 2007 its customers owed the company $50,000. If its accounting policy is to provide for bad debts on the basis of 1% of sales, the bad debt expense would be *

$10,000

$7,500

$5,500

$5,000

none of the above

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