FMGT 2152 Online Assignment - Chapter 7 Question #4 The records of Lost Lagoon Limited...
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FMGT 2152 Online Assignment - Chapter 7 Question #4 The records of Lost Lagoon Limited (LLL) reported at the end of the current year Accounts Receivable of $78,000, Credit Sales $810,000, and Sales Returns and Allowances $40,000 and the company had an Allowance for Doubtful Accounts of $2,000. The following events occurred subsequently before finalizing the year end: LLL decided to write off an uncollectable account receivable for $900. LLL follows the policy of determining an Allowance for Doubtful Accounts at the end of the year as 10% of the Accounts Receivable balance. Required: Determine the amount of bad debt expense to be recorded for the year
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