Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $3,700. During the year, Abbott wrote-off accounts receivable totaling $2,700 and made credit sales of $118,000. After the adjusting entry, the December 31 balance in Bad Debt Expense would be
a. $4,540
b. $3,540
c. $3,700
d. $7,240
Answers: 2
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Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates...
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