Marigold Corp. had a 1/1/20 balance in the Allowance for Doubtful Accounts of $33500. During 2020, it wrote off $21700 of accounts and collected $6180 on accounts previously written off. The balance in Accounts Receivable was $630000 at 1/1 and $740000 at 12/31. At 12/31/20, Marigold estimates that 7% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? O $37000. O $18300. O $33820. O $40000.

Marigold Corp. had a 1/1/20 balance in the Allowance for Doubtful Accounts of $33500. During 2020, it wrote off $21700 of accounts and collected $6180 on accounts previously written off. The balance in Accounts Receivable was $630000 at 1/1 and $740000 at 12/31. At 12/31/20, Marigold estimates that 7% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? O $37000. O $18300. O $33820. O $40000.

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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