In 2011, Seven Seas sold $20,000 worth of merchandise on account. Its accountant estimated that $400 of
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In 2011, Seven Seas sold $20,000 worth of merchandise on account. Its accountant estimated that $400 of that amount would be uncollectible. In 2011, Saki, a Japanese customer, purchased $500 of merchandise on account from Seven Seas. In 2012, Saki declared bankruptcy while still owing the $500. What is the amount of bad debts expense Seven Seas should report on December 31, 2011?
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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