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Schmaltz, Inc. records its allowance for doubtful accounts based on an analysis of receivables. The...

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Accounting

Schmaltz, Inc. records its allowance for doubtful accounts based on an analysis of receivables. The current, unadjusted balance in Schmaltzs Allowance for Doubtful Accounts is a credit balance of $28,000. Based on a year-end aging of accounts receivables, Schmaltz determines that the allowance should be $98,000. What would be the journal entry to adjust the allowance?

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