Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 19 - No. 7)
If a company estimates that 3% of its sales will become uncollectible, and its sales for the year were $500,000, what is the estimated bad debt expense for the year?
$15,000
$1,667
$500,000
$0
Explanation
3% of $500,000 is $15,000.
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