T each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, it has outstanding accounts receivable of $55,500, and it estimates that 3% will be uncollectible. Prepare the adjusting entry to record bad debts expense for the year ended December 31 under the assumption that the Allowance for Doubtful Accounts has: (a) a $944 credit balance before the adjustment. (b) a $278 debit balance before the adjustment.
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T each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimat...
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