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Compute the correct amount of doubtful accounts expense

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Question - The following information is from the records of Prosser, Inc. for the year ended December 31, 2020.

Allowance for Doubtful Accounts, January 1, 2020 6,000 (cr)

Sales, 2020 2,920,000

Sales Returns and Allowances, 2020 32,000

If the basis for estimating bad debts is 1 percent of net sales, compute the correct amount of doubtful accounts expense for 2020?

Reference no: EM132893542

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