As a result of a review and aging of accounts receivable in early January 2021, it has been determined that an allowance for doubtful accounts of $16300 is needed at December 31, 2020. What amount should Waterway record as "bad debt expense" for the year ended December 31, 2020?

$16,300

Explanation:

When a company makes sales on account/credit, revenue is recognized as long as the recognition criteria is met. The entries posted are debit accounts receivable and credit revenue.

Should the company assess that part (or even all) of these receivables may be incollectible, a provision is made. This requires that the amount so determined by the company that may be incollectible is accounted for by

Debit Bad debt expense

Credit Allowance for doubtful debt

Hence the bad debt expense to be recorded is $16,300

the correct answer is economics is a game without winners or losers.

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