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Question - Classy Incorporated had the following data available for 2019 (before making any adjustments):
Accounts receivable, 12/31/2019 $434,600
Allowance for doubtful accounts $8,300 (normal balance)
Net credit sales, 2019 $928,000
A. Bad debts are expected to be 4% of net credit sales for the year. What amount of bad debt expense is recorded for 2019?
B. Classy Incorporated expects it will not be able to collect 8% of the balance in accounts receivable at the year-end. What is bad debt expense for 2019?
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