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ELG, Inc. Uses the balance sheet approach for estimating bad debt expense. At year-end, accounts receivable were valued at $200,000 and the allowance for doubtful
ELG, Inc. Uses the balance sheet approach for estimating bad debt expense. At year-end, accounts receivable were valued at $200,000 and the allowance for doubtful accounts had a credit balance of $300. The allowance for doubtful accounts is estimated at 1% of accounts receivable. What is the bad debt expense for the year?
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