Exercise 7 7 Percent Of Accounts Receivable Method Lo P3 Mazie Supply Co Uses The Percent Of Accounts Receivable Method 1 (73.99 KiB) Viewed 54 times
Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $54,000, 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 $918 credit balance before the adjustment. (b) a $270 debit balance before the adjustment. View transaction list
Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $918 credit balance before the adjustment. Note: Enter debits before credits. Transaction (a) General Journal Debit Credit
Journal entry worksheet < 1 N Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $270 debit balance before the adjustment. Note: Enter debits before credits. Transaction (b) General Journal Debit Credit
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