Alpha Company’s accounts receivable and allowance for doubtful accounts balances were $100,000 and $14,000 (credit) respectively, at the beginning of 2012. During 2012, a customer defaults on a $12,000 balance related to goods purchased during 2011. By the end of the year, the company had made credit sales of $2,400,000 and collected $2,200,000 on account. It now estimates that 1 percent of its credit sales will default.A) Prepare the journal entry to record the write off the bad debt. B) Prepare the adjusting entry to record bad debt expense for 2012.C) What is the net accounts receivable balance at the end of the year?
This question was answered on: Sep 21, 2023
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