Crane, inc. had net sales in 2020 of $1,488,400. at december 31, 2020, before adjusting entries, the balances in selected accounts were accounts receivable $206,300 debit, and allowance for doubtful accounts $3,260 credit. if crane estimates that 7% of its receivables will prove to be uncollectible. prepare the december 31, 2020, journal entry to record bad debt expense.

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr  $11,181

  To Allowance for doubtful debts  $11,181

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)

= ($206,300 × 7%) -  ($3,260)

= $14,441 - $3,260

= $11,181

lbc corporation makes and sells a product called product wz. each unit of product wz requires 4.1 hours of direct labor at the rate of $20.00 per direct labor-hour. management would like you to prepare a direct labor budget for june. the company plans to sell 28,000 units of product wz in june. the finished goods inventories o

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