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Bad debt expense for net credit sales
Sales (100% on credit) $1,560,000
Sales Returns 60,000 Accounts Receivable (December 31, 2001) 250,000 Allowance for Doubtful Accounts (before adjustment at December 31, 2001) 3,000 If Victory estimates its bad debts at 2% of net credit sales, what amount will be reported as bad debt expense for 2001? Can someone please explain how to do this problem. |
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