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7E Mazie Supply Co. uses the percent of accounts...

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Accounting

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Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $130,000, and it estimates that 4% 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 $2,210 credit balance before the adjustment. (b) a $650 debit balance before the adjustment. View transaction list Journal entry worksheet Record the estimated bad debts expense. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general Journal Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $8,200 of its accounts receivable from Leer Co. 29 Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions, View transaction list Journal entry worksheet 1 2 3 Record write off of Leer Co. account Note: Enter debits before credits General Journal Debit Credit Date March 11 Record entry Clear entry View general journal

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