At each calendar year-end, Mazie Supply Co. uses the percent of...
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Accounting
At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, it has outstanding accounts receivable of $141,000, and it estimates that 5% will be uncollectible. Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,397 credit balance before the adjustment, (b) a $705 debit balance before the adjustment. View transaction list Journal entry worksheet Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has a $2,397 credit balance before the adjustment. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal
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