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Lercents of accounts receivable method Exercise 7-5 Percent...

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Accounting

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Exercise 7-5 Percent of accounts receivable method LO P2 At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2016, it has outstanding accounts receivable of $123,500, and it estimates that 5% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2016 under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,100 credit balance before the adjustment. (b) a $618 debit balance before the adjustment

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