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Prepare adjusting journal entry to record bad debt expense

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Reference no: EM132988033

Problem - Larkspur, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $433,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $3,480. Prepare the adjusting journal entry to record bad debt expense for the year.

Reference no: EM132988033

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