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Problem 1: Novak Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $430000 and credit sales are $1720000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Novak Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4300 before adjustment?
A Bad Debt Expense 12900Accounts Receivable 12900
B Bad Debt Expense 8600Allowance for Doubtful Accounts 8600
C Bad Debt Expense 25800Allowance for Doubtful Accounts 25800
D Bad Debt Expense 17200Allowance for Doubtful Accounts 17200
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