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Monicor Luxury Items has created the following aging schedule for its accounts receivable: Accounts Receivable Amount Percentage Uncollectible Days Outstanding Not Yet Due $100,000 2%
Monicor Luxury Items has created the following aging schedule for its accounts receivable: Accounts Receivable Amount Percentage Uncollectible Days Outstanding Not Yet Due $100,000 2% Up To 180 Days Past Due $20,000 10% Over 180 Past Due $5,000 40% Total $125,000 Monicor uses the aging method to calculate its bad debt expense. The beginning balance in Allowance for Doubtful Accounts is $3,482 and Monicor wrote off $1,636 in bad debts during the year. How much will Monicor record for bad debt expense in the current year? Round to the nearest whole number
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