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Globex has outstanding accounts receivable totaling $6.5 million as of December 31, and sales on credit during the year of $24 million. There is also
Globex has outstanding accounts receivable totaling $6.5 million as of December 31, and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful accounts. Globex estimates that 8% of the outstanding receivables will be uncollectible. How much bad debt expense will be recognized for the year? $530,000 $524,400 $508,000 $1,301,000
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