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California Cannery began in 2008 with a debit balance in Accounts recievable $150,000
California Cannery began in 2008 with a debit balance in Accounts recievable $150,000 and a credit balance in Allowance for Doubtful Accounts for 7,500 for the year. During the year California Cannery sold 1,300,000 of product and collected 1,350,000 from customers. In addition $4,000 of Accounts receivable balance was written off as uncollectable during the year. Management uses the allowance method to account for bad debts and believes that ultimately 5% of the year-end balance in accounts recievable will not be collected. How much bad debt expense will be recorded in 2008?
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