The chief accountant for Dollywood Corporation provides you with the following list of accounts receivable written off in thecurrent year:
Date Customer Amount
March31 E.L. MastersCompany $7,800
June30 HockingAssociates 9700
September 30 Amy Lowell's DressShop 7000
December 31 R. Bronson,Inc. 9830
Dollywood Corporation follows the policy of debiting Bad Debt Expense as accounts are written off. The chief accountant maintains that this procedure is appropriate for financial statement purposes because the Internal Revenue Service will not accept other methods for recognizing bad debts.
All of Dollywood Corp.'s sales are on a 30-daycredit basis. Sales for the current year total $2,400,000, and research has determined that bad debt losses approximate 2% ofsales.
(a) Do you agree or disagree with Dollywood's policy concerning recognition of bad debt expense? Why or Why not?
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