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Fayetteville Hardware uses an aging schedule to determine the amount to set aside for bad...

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Accounting

Fayetteville Hardware uses an aging schedule to determine the amount to set aside for bad debts. Ages Percent of Bad Debts Amounts Under 30 days 0% $200,000 Between 30 and 60 days 2 120,000 Between 61 and 120 days 7 100,000 Between 121 and 180 days 12 60,000 Between 181 and 365 days 15 30,000 Over 1 year 100 15,000 Total accounts receivable $525,000

Determine bad debt expense if the beginning balance in the allowance account is a $3,000 debt.

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