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Prepare year-end adjusting entry to record bad debts expense

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Question - Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $136,000, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:

(a) a $2.312 credit balance before the adjustment.

(b) a $680 debit balance before the adjustment.

Reference no: EM133144463

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