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Libby Company uses the percentage of credit sales method for calculating Bad Debt Expense. The company reported $216,000 in total sales during the year; $178,000

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Libby Company uses the percentage of credit sales method for calculating Bad Debt Expense. The company reported $216,000 in total sales during the year; $178,000 of which were on credit. Libby has experienced bad debt losses of 5% of credit sales in prior periods. What is the estimated amount of Bad Debt Expense for the year? Multiple Choice O $1,900 $38,000 O O $8,900 $10,800 O

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