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Question - Kingston 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 $575,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,540..
Required -
Prepare the adjusting journal entry to record bad debt expense for the year.
If the allowance for doubtful accounts had debt balance of $870 instead of a credit balance of $2,540, determine the amount to be reported for bad debt expense.
The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate.
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