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23-01-2024
Business

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Michigan Company estimates the allowance for uncollectible accounts using the percentage of sales method. The firm reports the following data in the year 2015: Total credit sales in year 2015 $500,000 Bad debt estimate 2% of credit sales Allowance for uncollectible accounts, 1/1/2015 $15,000 Allowance for uncollectible accounts, 12/31/2015 $22,000 What is the amount of bad debts written off during year 2015?
A) $10,000
B) $15,000
C) $22,000
D) $3,000

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