MC Qu. 103 Mills Corporation\'s balance sheet Mills Corporation\'s balance sheet

Question

MC Qu. 103 Mills Corporation's balance sheet Mills Corporation's balance sheet included the following information: Accounts Receivable Less: Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance $540,000 69,000 $471,000 If the Allowance account had a credit balance of $29,500 immediately before the year-end adjustment for bad debts and no accounts were written-off or allowed for during the year, what was the amount of Bad Debt Expense recognized during the year? O $29,500 O $69,000 O $34,500 O $39,500

Explanation / Answer

Answer

Account receivable = 540000

net allowance = 471000

69000

credit balance = - 29500

39500  

answer = 39500

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