Bluemeanie Company reported credit sales for the year of $800,000. The year-end balances in its...
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Bluemeanie Company reported credit sales for the year of $800,000. The year-end balances in its Accounts Receivable accounts BEFORE adjusting entries are: Accounts Receivable. $ 180,000 Allowance for Bad Debts (_8,000) Net Accounts Receivable $ 172,000 Historically, credit losses have been 2% of credit sales and the company uses the Percentage of Sales method to estimate Bad Debt Expense. The balance in Net Accounts Receivable after recording the adjustment for Bad Debt Expense will be: O $188,000 O $172,000 O $156,000 O $164,000
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