Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $127,500, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:(a) a $2,168 credit balance before the adjustment.(b) a $638 debit balance before the adjustment.
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Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false
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Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding...
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