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Joe's Inc. prepared an aging of its accounts receivable at December 31, 2009 and estimated that the net realizable value of the receivables would be $300,000. Additional information is available as follows:

Allowance for doubtful accounts at 1/1/09-credit balance: $ 34,000
Accounts written off as uncollectible during 2009: 23,000
Accounts receivable at 12/31/09: 325,000
Uncollectible accounts recovered during 2010: 5,000

Required:a. What should Ace book as its bad debt expense at 12/31/09? What is the journal entry to record the bad debt expense in item a?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9975929

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