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Exercise 7-13(Algo) Percent of accounts receivable method LO P3 Mazie Supply...

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Accounting

Exercise 7-13(Algo) Percent of accounts receivable method LO P3
Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $111,000, and it estimates that 5% will be uncollectible.
7:48
Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:
(a) a $1,887 credit balance before the adjustment.
(b) a $555 debit balance before the adjustment.
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 $1,887 credit balance before the adjustment.
Note: Enter debits before credits.
\table[[Transaction,General Journal,Debit,Credit],[(a),,,],[,,,],[,,,],[,,,]]
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