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Charles Corp. has outstanding accounts receivable totaling $6.9 million as of December 31 and sales on credit during the year of $24 million. There is

Charles Corp. has outstanding accounts receivable totaling $6.9 million as of December

31 and sales on credit during the year of $24 million. There is also a debit balance of

$1,000 in the allowance for doubtful accounts. If the company estimates that 8% of its

outstanding receivables will be uncollectible, what will be the amount of bad debt

expense recognized for the year?

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