The Effects of Transactions on the Bad Debts Allowance
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Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650 respectively, at December 31, 2008. During 2009, Calistoga's credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off.
9. (1) Calistoga's adjusted allowance for uncollectible accounts at December 31, 2009, is:
$1,575.
$1,505.
$1,650.
$1,720.
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Solution Summary
This solution demonstrates the effects of various transactions on the Allowance for Doubtful Accounts.
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