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On January 1 King Company’s Allowance for Doubtful Accounts had a credit balance of $15000

On January 1, King Company’s Allowance for Doubtful Accounts had a credit balance of $15,000. During the year, King (1) charged $32,000 to bad debt expense, (2) wrote off $23,000 of uncollectible accounts receivable, and (3) unexpectedly recovered $6,000 of bad debts written off in the prior year.

The Allowance for Doubtful Accounts balance at December 31 should be:

a. $24,000.

b. $30,000.

c. $47,000.

d. $32,000.

Answer:

b. $30,000.

Caculation: $15,000 + 32,000 – 23,000 + 6,000 = $30,000

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