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Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent...

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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 $49,000, 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 $833 credit balance before the adjustment. (b) a $245 debit balance before the adjustment. View transaction list Journal entry worksheet

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