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Bramble Company uses the percentage of receivables method for recording bad debt expense. The accounts receivable balance is $612000 and credit sales are $2660000. Management estimates that 4% of accounts receivable will be uncollectible.
Question 1: What adjusting entry will Bramble Company make to record bad debt expense if the Allowance for Doubtful Accounts has a $4500 credit balance before adjustment?
Point 1: 1Bad Debt Expense 24480
Allowance for Doubtful Accounts 24480
Point 2: 2Bad Debt Expense 19980
Allowance for Doubtful Accounts 19980
Point 3: 3Bad Debt Expense 19980
Accounts Receivable 19980
Point 4: 4Bad Debt Expense 24480
Accounts Receivable 24480
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