Simpson Inc Recorded Sales of $180 000 During the Year $\quad$

question 7

Short Answer

Simpson Inc recorded sales of $180 000 during the year net of GST).Of these,$80 000 were on credit.Bad debts have averaged one half of one percent of credit sales.The entry to estimate bad debt expense for the year is: a. $\quad$ Bad Debts Expense $\quad$$\quad$ $400
$\quad$$\quad$ Allow ance for Doubtfiul Debts $\quad$$\quad$ 400
b. $\quad$ Bad Debts Expense $\quad$$\quad$ 900
$\quad$$\quad$ Allowance for Doubtful Debts $\quad$$\quad$ 900
c. $\quad$ Bad Debts Expense $\quad$$\quad$ 400
$\quad$$\quad$ Accounts Receiv able $\quad$$\quad$ 400
d. $\quad$ Bad Debts Expense $\quad$$\quad$ 900
$\quad$$\quad$ Accounts Receivable $\quad$$\quad$ 900

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