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National Art is a new business. During its first year of operations, credit sales were $50,000 and ...

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National Art is a new business. During its first year of operations, credit sales were $50,000 and ...

National Art is a new business. During its first year of operations, credit sales were $50,000 and collections were credit sales of $32,000. One account, $625 was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 2% of credit sales to be uncollectible. The ending balance of Allowance for Bad Debts account is ________.
A) $1,000
B) $1,628
C) $375
D) $348

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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I just realized you had posted this! Thanks so much

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