On December 31, 2021, Johnson Corp. had a $500 credit balance in its allowance for...
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Accounting
On December 31, 2021, Johnson Corp. had a $500 credit balance in its allowance for doubtful accounts before recording bad debt expense for the year. Accounts receivable had a $250,000 balance with an aging schedule as follows:
Estimated Percentage
Uncollectible
Outstanding 1-30 days $190,000 1%
Outstanding 31-60 days 30,000 2%
Outstanding 6190 days 10,000 7%
Outstanding more than 90 days 20,000 15%
Total Accounts Receivable $250,000
What is bad debt expense for the year using the aging of accounts receivable method?
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