At the end of 2003,the following balances appeared in the ledger accounts of a company prior to the adjusting and closing entries: The estimated bad debt rate used by the company,based on outstanding customer receivables,is 3 percent.The amount that should be used in the correcting entry to record bad debt expense at the end of 2003 is $___________________.

Question

At the end of 2003,the following balances appeared in the ledger accounts of a company prior to the adjusting and closing entries:  The estimated bad debt rate used by the company,based on outstanding customer receivables,is 3 percent.The amount that should be used in the correcting entry to record bad debt expense at the end of 2003 is $___________________.

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The Answer of At the end of 2003,the following balances appeared in the ledger accounts of a company prior to the adjusting and closing entries:  The estimated bad debt rate used by the company,based on outstanding customer receivables,is 3 percent.The amount that should be used in the correcting entry to record bad debt expense at the end of 2003 is $___________________.

At the End of 2003,the Following Balances Appeared in the Ledger