In-Class Question 2 Hirdt Co. uses the percentage-of-receivables basis to...
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Accounting
InClass Question
Hirdt Co uses the percentageofreceivables basis to record bad debt expense and concludes that of accounts receivable will become uncollectible. Accounts receivable are $ at the end of the year, and the allowance for doubtful accounts has a credit balance of $
Instructions
a Prepare the adjusting journal entry to record bad debt expense for the year.
b If the allowance for doubtful accounts had a debit balance of $ instead of a credit balance of $ prepare the adjusting journal entry for bad debt expense.
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