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Charles Corp. has outstanding accounts receivable totaling $6.9 million as of December 31 and sales on credit during the year of $24 million. There is also a debit balance of $1,000 in the allowance for doubtful accounts. If the company estimates that 8% of its outstanding receivables will be uncollectible, what will be the amount of bad debtm expense recognized for the year?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9797473

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