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Question - The Almeda Company makes all of its sales on account.
For 2019, Almeda reported beginning balances in Accounts Receivable and Allowance for Uncollectible Accounts of $231,200 and $15,000, respectively. The ending balance in Accounts Receivable (after accounting for the write-offs below) was $265,600. Net credit sales for the year totaled $2,235,600, and Almeda wrote off accounts of $36,825 as uncollectible.
Required -
a. Calculate the amount of bad debt expense for the year if Almeda estimates the expense as 2% of sales.
b. Using T-accounts show the effects of the entry to record the bad debt expense for the year if Almeda estimates that 6% of outstanding receivables will not be collected.
c. How much cash did Almeda collect from its customers in 2019?
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