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Garangolm made $1,800,000 in credit sales and has $680,000 of accounts receivable at the end of the period. They also have a credit balance of
Garangolm made $1,800,000 in credit sales and has $680,000 of accounts receivable at the end of the period. They also have a credit balance of $2,600 in their allowance for doubtful accounts. Garangolm Inc. believes that 2% of their net credit sales will be uncollectable. What would be the balance for their allowance for doubtful accounts be after adjusting for bad debt expense?
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Auditing Basics
Authors: 3G E-Learning
1st Edition
1984624261, 978-1984624260
