Knowledge Check 01 The following summarizes the results of an aging analysis of Glenview Company's...
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Knowledge Check 01 The following summarizes the results of an aging analysis of Glenview Company's accounts receivable at the end of the year. Estimated Percent Estimated Age Group Amount Uncollectible Allowance 030 days $420,000 2% $ 8,400 31-60 days 140,000 5% 7,000 61120 days 100,000 10% 10,000 Over 120 days 120,000 20% 24,000 Allowance for uncollectible accounts $49,400 The company has a pre-adjustment credit balance of $5,000 in its Allowance for Uncollectible Accounts at December 31, Year 2. Using the balance sheet approach, what amount of Bad Debt Expense should Glenview report for Year 2? Bad debt expense
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