Business, 17.04.2020 20:01 Gideon3291

The following information is available for Murphy Company:
Allowance for doubtful accounts at December 31, 2016 $ 24,000
Credit sales during 2017 1,200,000
Accounts receivable deemed worthless and written off during 2017 27,000
As a result of a review and aging of accounts receivable in early January 2018, it has been determined that an allowance for doubtful accounts of $16,000 is needed at December 31, 2017. What amount should Murphy record as "bad debt expense" for the year ended December 31, 2017?
a. $13,000
b. $16,000
c. $19,000
d. $40,000

Use the following information for questions 104 and 105.
A trial balance before adjustments included the following:
Debit Credit
Sales $1,700,000
Sales returns and allowance $56,000
Accounts receivable 172,000
Allowance for doubtful accounts 3,040

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The following information is available for Murphy Company:
Allowance for doubtful accounts at...

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