bad debt expense for net credit sales

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Oct 14, 2006, 08:02 PM

surfgirl

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Join Date: Oct 2006

Posts: 1

bad debt expense for net credit sales

Sales (100% on credit) $1,560,000
Sales Returns 60,000
Accounts Receivable (December 31, 2001) 250,000
Allowance for Doubtful Accounts (before adjustment at
December 31, 2001) 3,000

If Victory estimates its bad debts at 2% of net credit sales, what amount will be reported as bad debt expense for 2001?

Can someone please explain how to do this problem.

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