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Exercise 7-6 Percent of accounts receivable method LO P3 At each calendar year-end, Mazie Supply...

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Exercise 7-6 Percent of accounts receivable method LO P3 At each calendar year-end, Mazie Supply Co. uses the percent of accounts recelvable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $79,000, and it estimates that 3% wil be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has fa) a $1,343 credit balance before the adjustment. b) a $395 debit balance before the adjustment Journal entry worksheet Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtul Accounts has a $1,343 credit balance before the adjustment Note: Enter debits before credes F2 8

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