The following information pertains to Lightning, Inc. at the end of December: Lightning uses the aging method
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The following information pertains to Lightning, Inc. at the end of December:
Lightning uses the aging method and estimates it will not collect 7% of accounts receivable not yet due, 14% of receivables less than 30 days past due, and 46% of receivables greater than 30 days past due. The accounts receivable balance of $8,700 consists of $5,500 not yet due, $1,800 less than 30 days past due, and $1,400 greater than 30 days past due. What is the appropriate amount of Bad Debt Expense?
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