Saint John Industries uses the percentage of credit sales method to estimate Bad Debt Expense. The company reported net credit sales of $580,000 during the year. Saint John has experienced bad debt losses of 6% of credit sales in prior periods. At the beginning of the year, Saint John has a credit balance in its Allowance for Doubtful Accounts of $4,800. No write-offs or recoveries were recorded during the year. What amount of Bad Debt Expense should Saint John recognize for the year? Multiple Choice O O $39,600 $4,800 $30,000 $34.800

Saint John Industries uses the percentage of credit sales method to estimate Bad Debt Expense. The company reported net credit sales of $580,000 during the year. Saint John has experienced bad debt losses of 6% of credit sales in prior periods. At the beginning of the year, Saint John has a credit balance in its Allowance for Doubtful Accounts of $4,800. No write-offs or recoveries were recorded during the year. What amount of Bad Debt Expense should Saint John recognize for the year? Multiple Choice O O $39,600 $4,800 $30,000 $34.800

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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