Saint John Industries uses the percentage of credit sales method to estimate Bad Debt Expense. The company reported net credit sales of $670,000 during the year. Saint John has experienced bad debt losses of 5% of credit sales in prior periods. At the beginning of the year, Saint John has a credit balance in its Allowance for Doubtful Accounts of $5,700. No write-offs or recoveries were recorded during the year. What amount of Bad Debt Expense should Saint John recognize for the year?

$33,500

Explanation:

Relevant data provided

Total Credit Sales = $670,000

Percentage of bad debts = 5%

The computation of Bad Debt Expense is shown below:-

Bad Debt Expense = Total Credit Sales × Percentage of bad debts

= $670,000 × 5%

= $33,500

Therefore for computing the bad debt expenses we simply multiply the total credit sales with percentage of bad debts.

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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