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Business, 22.03.2021 18:40 RyleyM

Leo Co. uses the allowance method to account for bad debts. At the end of the year, Leo Co.'s accounts receivable balance is $25,000; allowance for doubtful accounts balance of $100 (debit balance); and sales of $500,000. Based on history, Leo estimates that bad debts will be 2% of accounts receivable. The entry to record estimated bad debts will include a debit to Bad Debts Expense in the amount of: Multiple choice question.

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Leo Co. uses the allowance method to account for bad debts. At the end of the year, Leo Co.'s accoun...

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