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Mills Corporation's balance sheet included the following information: Accounts Receivable $ 430,000 Less: Allowance for Doubtful...

Mills Corporation's balance sheet included the following information:

Accounts Receivable $ 430,000
Less: Allowance for Doubtful Accounts 58,000
Accounts Receivable, Net of Allowance $ 372,000

If the Allowance account had a credit balance of $24,000 immediately before the year-end adjustment for bad debts and no accounts were written-off or allowed for during the year, what was the amount of Bad Debt Expense recognized during the year?

Multiple Choice

  • $29,000

  • $24,000

  • $58,000

  • $34,000

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