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Question - Jeanneret Company has provided the following information prior to a year-end bad debt adjustment:
Cash sales, $140,000
Credit sales, $320,000
Selling and administrative expenses, $130,000
Sales returns and allowances, $31,000
Gross profit, $520,000
Accounts receivable ending balance is $310,000
Sales discounts, $15,000
Allowance for doubtful accounts credit balance, $1,900
Jeanneret prepares an aging of accounts receivable and the result shows that 2% of accounts receivable is estimated to be uncollectible. What is the balance in the allowance for doubtful accounts after bad debt expense is recorded?
1. $6,200
2. $8,100
3. $4,300
4. $6,400
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