Question
The accounting information of Lupin Company included the following for the year ended December 31, 2020: Accounts receivable, January 1, 2020 $ 125,000 Credit sales
The accounting information of Lupin Company included the following for the year ended December 31, 2020:
Accounts receivable, January 1, 2020 $ 125,000
Credit sales in 2020 1,400,000
Allowance for doubtful accounts, January 1, 2020 15,000
Cash collected on accounts receivable during 2020 1,350,000
Assume Lupin estimates its allowance for doubtful accounts as being 10% of December 31, 2020 accounts receivable. What would be Lupins bad debt expense for 2020?
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Police Auditing Standards And Applications
Authors: Allan Y. Jiao
2nd Edition
0398090750, 978-0398090753
