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Determine the amount to be reported for bad debt expense

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Question - Crane Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 2% of accounts receivable will become uncollectible. Accounts receivable are $535,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,250.

Prepare the adjusting journal entry to record bad debt expense for the year.

Account Titles and Explanation Debit Credit

Bad debt Expense 8450

Allowance for Doubtful Accounts 8450

If the allowance for doubtful accounts had a debit balance of $790 instead of a credit balance of $2,250, determine the amount to be reported for bad debt expense.

Reference no: EM132693468

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