Gross Accounts Receivable Is $10,000

question 55

Multiple Choice

Gross Accounts Receivable is $10,000.Allowance for Doubtful Accounts has a credit balance of $200.Net sales for the year are $150,000.In the past,2% of sales had proved uncollectible,and an aging of the receivables indicates $1,200 is doubtful.Under the income statement approach,Bad Debts Expense for the year is:

• A)$1,000.
• B)$3,000.
• C)$2,800.
• D)$1,200.

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Definitions:

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