Prepare the adusting entry to record bad debt expense for

Reference no: EM13483813

At each calender year end Maize Supply co uses the percent of accounts receivable METHOD to estimate bad debts.

On 31 december 2013 it has an outstanding accounts receivable of $55,000 and it estimates that 2% will be uncollectible. Prepare the adusting entry to record bad debt expense for year 2013 under the assumption that the Allowance for Doubtful Accounts has

a) $415 credit balance before the adjustment

b) $291 debit balance before the adjustment

please use Percent of accounts receivable method.

Reference no: EM13483813

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