Question
Accounting Co. Had credit sales of 5,375,000 and cash sales of $200,000. Of those credit sales, Accounting Co. collected $230,000. This is its first year
Accounting Co. Had credit sales of 5,375,000 and cash sales of $200,000. Of those credit sales, Accounting Co. collected $230,000. This is its first year of operations, so there are no beginning balances. Accounts receivable for the first year totaled $5,720,000. Allowance for doubtful accounts totaled $692,000. What was the bad debt expense for the year?
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Information For Decision Making Readings In Cost And Managerial Accounting
Authors: Alfred Rappaport
3rd Edition
0134643542, 978-0134643540
