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Exercise 7-6 Percent of accounts receivable method LO P3 At each calendar year-end, Mazie Supply...

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Exercise 7-6 Percent of accounts receivable method LO P3 At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $67,000, and it estimates that 3% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has (a) a $1139 credit balance before the adjustment (b) a $335 debit balance before the adjustment Journal entry worksheet

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