Terner company estimates its bad debts as 70 of its annual

Reference no: EM13597638

At year-end, Terner Company estimates its bad debts as .70% of its annual credit sales of $688,000. Terner records its Bad Debts Expense for that estimate. On the following February 1, Terner decides that the $344 account of D. Fidel is uncollectible and writes it off as a bad debt. On June 5, Fidel unexpectedly pays the amount previously written off.

Reference no: EM13597638

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