Charles Corp. has outstanding accounts receivable totaling $6.9 million as of December 31 and...
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Accounting
Charles Corp. has outstanding accounts receivable totaling $6.9 million as of December
31 and sales on credit during the year of $24 million. There is also a debit balance of
$1,000 in the allowance for doubtful accounts. If the company estimates that 8% of its
outstanding receivables will be uncollectible, what will be the amount of bad debt
expense recognized for the year?
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