XYZ Corp. uses the percentage of credit sales method in determining its bad debt expense. The following information comes from the accounting records of XYZ Corp.:
Cash sales $260,000
Credit sales 740,000
Total sales 1,000,000
Credit balance in the8,000
Allowance for Doubtful Accounts
Bad debt loss rate 3%
What is the estimate of bad debt expense?
a) $22,200
b) $22,000
c) $30,200
d) $30,000
Answers: 3
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XYZ Corp. uses the percentage of credit sales method in determining its bad debt expense. The follow...
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