The CEO asks about the allowance for uncollectable accounts. EES sells some types of software...
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The CEO asks about the allowance for uncollectable accounts. EES sells some types of software on credit and extends terms that require that customers pay in 60 days. EES reported gross receivables and potential losses in its accounts receivable at December 31,2017 as follows: On December 31, 2016, the balance in the allowance for uncollectible accounts was $24,000 Gross accounts receivables balance increased by $20,000 during the year. Credit sales during the year were $930,000 and cash collections from accounts receivables were$900,000 during the year. Determine the amount of bad debt expense for 2017.
On December 31, 2016, the balance in the allowance for uncollectible accounts was $24,000 Gross accounts receivables balance increased by $20,000 during the year. Credit sales during the year were $930,000 and cash collections from accounts receivables were$900,000 during the year. Determine the amount of bad debt expense for 2017.
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