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The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad debt expense. The company's management estimates that 2% of net credit sales will be uncollectible for the year 2015. Net credit sales for the year amounted to $250,000. Give journal entry to record the bad debts expense at December 31, 2015.
Other Revenues
Income a company generates from activities not related to its primary operations, such as interest income or gains from investments.
Effective Tax Rate
The average percentage of their total income that individuals or corporations pay in taxes.
Profit/(Loss) Realized
The actual gain or loss generated from completing a transaction.
Intercompany Sale
The sale of goods or services between divisions or subsidiaries within the same parent company.
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