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What amount should be debited to bad debts expense

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Question - A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:

Accounts receivable $348,000 debit

Allowance for uncollectible accounts 670 debit

Net Sales 793,000 credit

All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?

Reference no: EM133108794

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