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Brady is hired in 2021 to be the accountant for Anderson Manufacturing, a private company. At the end of 2021, the balance of Accounts Receivable is $23,500. In the past, Anderson has used only the direct write-off method to account for bad debts. Based on a detailed analysis of amounts owed, Brady believes the best estimate of future bad debts is $7,900.
Problem 1: If Anderson continues to use the direct write-off method to account for uncollectible accounts, what adjustment, if any, would Brady record at the end of 2021? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Problem 2: What adjustment, if any, would Brady record if Anderson instead uses the allowance method to account for uncollectible accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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