Smithson Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $30,653. During 2020, it wrote off $21,362 of accounts and collected $6,107 on accounts previously written off. The balance in Accounts Receivable was $600,779 at 1/1 and $722,708 at 12/31. At 12/31/20, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? *round your final answer to the nearest $1

Smithson Corporation had a 1/1/20 balance in the Allowance for Doubtful Accounts of $30,653. During 2020, it wrote off $21,362 of accounts and collected $6,107 on accounts previously written off. The balance in Accounts Receivable was $600,779 at 1/1 and $722,708 at 12/31. At 12/31/20, Smithson estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? *round your final answer to the nearest $1

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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