6. At December 31, Amy Jo\'s Appliances had account balances in Accounts Receiva

Question

6. At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $311.000 ses Allowance for Uncollectible Accounts of $970 (debit) before any adjustments. o December 31 accounts receivable suggests that the allowance for uncollectible accoun accounts A. $5,250 B. $6,220 C. $7,190. D. $6,450. An analysis of Amy Jo's ts should be 2% of reevable. The adjusting entry would include a debit to Bad Debt Expense of 7. The amount of cash that is actually expected to be collected on accounts receivabil A. Net revenue. B. Allowance for uncollectible accounts. C. Net realizable value. D. Net income 11hin nwhich of the following

Explanation / Answer

SOLUTION

6. Bad Debt expense - $5,250.

Bad debt expense = $311,000*2% = $6,220

Adjustment of bad debt expense =  $6,220 - $970 = $5,250

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