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TB MC Qu. 8-77 (Algo) Libby Company uses the percentage of... Libby Company uses the percentage of credit sales method for calculating Bad Debt Expense. The company reported $235,500 in total sales during the year, $191,000 of which were on credit. Libby has experienced bad debt losses of 7% of credit sales in prior periods. What is the estimated amount of Bad Debt Expense for the year? Multiple Choice $13.000 516,485 $13,000 $16,485 $44,500 $13,370