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What should abc report as value of allowance for doubtful

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On December 31, 2020, ABC Corporation closes its fiscal year with an allowance for doubtful accounts of $48,000.

  • During the fiscal quarter ended March 31, 2021, the company writes off accounts receivable of $44,000.
  • On March 22, the company receives payment of $3,000 from a customer whose account had previously been written off.
  • On March 31, the company's balance of gross accounts receivable at 5% of gross receivables.

Problem (a) What should ABC report as the value of its allowance for doubtful accounts on March 31, 2021?

Problem (b) How much bad debt expense should ABC report for the quarter ended March 31, 2021?

Reference no: EM132960890

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