Thatcher Company had a January 1, credit balance in its Allowance for Doubtful Accounts of $4,000 for the current year. The following transactions and events affected the Allowance for Doubtful Accounts during the current year: Apr 15Bean's account receivable of $2,700 was deemed uncollectible.July 1Cho paid the full amount of a previously written-off account receivable. This receivable of $1,300 had been written off in the prior year.Dec 31Bad debts expense of $4,500 was recorded.What amount should appear in the allowance for doubtful accounts in the December 31, balance sheet for the current year?
What will be an ideal response?
$4,000 - $2,700 + $1,300 + $4,500 = $7,100.
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