Solved: Farr co elects to use the percentage-of-sales basis in 2017, Accounting Basics

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Farr co elects to use the percentage-of-sales basis in 2017

Question - Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $800,000 for 2017, sales returns and allowances are $40,000, and the allowance for doubtful accounts has a credit balance of $9,000.

Prepare the adjusting entry to record bad debt expense in 2017.

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Accounting Basics: Farr co elects to use the percentage-of-sales basis in 2017

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