During the year, Carlton Company had net credit sales of $42,000. At the end of the year, before adjusting entries, the balance in Accounts Receivable was $10,000 (debit) and the balance in Allowance for Bad Debts was $640 (credit). If the company uses an income statement approach to estimate bad debts at 6%, what is the ending balance in the Allowance for Bad Debts account? OA. $3,160 OB. $2,520 OC. $1,240 OD. $1,880

During the year, Carlton Company had net credit sales of $42,000. At the end of the year, before adjusting entries, the balance in Accounts Receivable was $10,000 (debit) and the balance in Allowance for Bad Debts was $640 (credit). If the company uses an income statement approach to estimate bad debts at 6%, what is the ending balance in the Allowance for Bad Debts account? OA. $3,160 OB. $2,520 OC. $1,240 OD. $1,880

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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