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Given the balance in the Allowance for Doubtful Accounts of $260 credit, prepare adjusting entries...

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Accounting

Given the balance in the Allowance for Doubtful Accounts of $260 credit, prepare adjusting entries for Bad Debts based on the following assumptions:

a. Bad debts to be 3 % of net credit sales or $ 650. Record the debits and credits for this transaction.

b. Based on aging of Accounts Receivable, bad debts should be $610. Record the debits and credits for this transaction.

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