The beginning balance in the Allowance for Doubtful Accounts is $47767 cr.. During the year a total of $41485 of accounts were written off and $4997 of accounts previously written off were recovered. The company estimates that the ending balance in the Allowance for Doubtful Accounts should be $60647. What is the bad debt expense for the vear?
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
![The beginning balance in the Allowance for Doubtful Accounts is $47767 cr.. During the year a total of $41485 of accounts
were written off and $4997 of accounts previously written off were recovered. The company estimates that the ending balance in
the Allowance for Doubtful Accounts should be $60647. What is the bad debt expense for the year?
Select one:
O a. $49368
O b. $60647
Oc. $41485
O d. $36488](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba28fbe0-fc04-46bc-bd01-9a9731588fb8%2F73ef4ec3-1bd7-4be4-9257-3dd7205b3384%2F09ylm4a_processed.png&w=3840&q=75)
![Smith Co. sold $32403 of merchandise on account on April 3, 20x7 under the terms 2/15, n/45. The customer paid the balance of
the account on April 16th. The journal entry to record the receipt of cash includes which of the following?
Select one:
O a. $0 impact to net income and $31755 reduction in accounts receivable
Ob. $648 decrease to net income and $31755 reduction in accounts receivable
Oc. $0 impact to net income and $32403 reduction in accounts receivable
O d. $648 decrease to net income and $32403 reduction in accounts receivable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba28fbe0-fc04-46bc-bd01-9a9731588fb8%2F73ef4ec3-1bd7-4be4-9257-3dd7205b3384%2Fkgfnzel_processed.png&w=3840&q=75)
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