Gray Company estimates its doubtful accounts by aging its accounts receivable and applying percentages to...
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Accounting
Gray Company estimates its doubtful accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. The Gray Company computes a total of $3,600 in estimated doubtful accounts as of December 31. Its Accounts Receivable account has a balance of $112,800 and its Allowance for Doubtful Accounts has a credit balance of $600 before adjustment at December 31. How much bad debts expense will Gray report for the year? Select one: A. $3,000 B. $3,360 C. $3,840 D. $480
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