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What is the allowance for bad debts

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Problem 1: Using the percent-of-receivables method, Prof. Shu Catering LLC. estimates uncollectible accounts will be 2% of $40,000 of Accounts Receivable. It has a debit balance in its Allowance for Bad Debts account of $150. What is the allowance for bad debts?

Option 1: 950

Option 2: Cannot be determined

Option 3: 150

Option 4: 800

Reference no: EM132808767

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