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Prepare the year-end adjusting entry to record bad debts

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Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $99,000, and it estimates that 2% will be uncollectible.

Problem 1: Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:

(a) a $1,683 credit balance before the adjustment.
(b) a $495 debit balance before the adjustment.

Reference no: EM132743326

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