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Journalize the adjusting entry for the end of the period

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Reference no: EM132737353

Portillo Company's ledger at the end of the current year shows Accounts Receivable of $150,000.

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Problem 1.) If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period.

Problem 2.) If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period.

Reference no: EM132737353

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