As a result of a review and aging of accounts receivable in early January 2018, it has been determined that an allowance for doubtful accounts of $16700 is needed at December 31, 2017. What amount should Swifty record as "bad debt expense" for the year ended December 31, 2017?

The full question is "The following information is available for Murphy Company Allowance for doubtful accounts at December 31, 2018 Credit sales during 2019 Accounts receivable deemed worthless and written off during 2019 $ 24,000 1,200,000 27.000 As a result of a review and aging of accounts receivable in early January 2018, it has been determined that an allowance for doubtful accounts of $16,000 is needed at December 31, 2018 What entry will Murphy make to record "bad debt expense" for the year ended December 31, 2017"

                  Journal Entry for the bad debt expenses

Date       Account Title and Explanation    Debit    Credit

Dec 31    Bad Debt Expense                      $19,000

               ($16,000 + $3,000)

                      Allowance for Doubtful Accounts      $19,000

               (To record bad debt expense)

Workings

                          Allowance for Doubtful Account

Write off  $27,000                        $24,000   Beginning balance

Unadjusted balance  $3,000    

                                                      $19,000   Adjustment

                                                      $16,000  Ending balance

                 Bad Debt Expenses

Beginning balance     $0

Adjustment                  $19,000

Ending balance           $19,000

answer: b 56, 250

explanation:

the specific actions take by the fed. what the fed was attempting to do by taking these actions. the result of the actions taken by the fed