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If the allowance for doubtful accounts had a debit balance of $980 instead of a credit balance of $2,290, determine the amount to be reported
If the allowance for doubtful accounts had a debit balance of $980 instead of a credit balance of $2,290, determine the amount to be reported for bad debt expense. Cullumber Co. uses the percentage-of-receivables basis to record bad debt expense and concludes that 1% of accounts receivable will become uncollectible. Accounts receivable are $543,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,290
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