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Question - Information related to Swifty Company for 2020 is summarized below.
Total credit sales $2,500,000
Accounts receivable at December 31 896,000
Bad debts written off 31,600
Required -
(a) What amount of bad debt expense will Swifty Company report if it uses the direct write-off method of accounting for bad debts?
(b) Assume that Swifty Company estimates its bad debt expense based on 6% of accounts receivable. What amount of bad debt expense will Swifty record if it has an Allowance for Doubtful Accounts credit balance of $4,500?
(c) Assume that Swifty Company estimates its bad debt expense based on 6% of accounts receivable. What amount of bad debt expense will Swifty record if it has an Allowance for Doubtful Accounts debit balance of $4,500?
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