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Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has...

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Accounting

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Mazie Supply Co. uses the percent of accounts receivable method On December 31, it has outstanding accounts receivable of $98,000, and it estimates that 2% 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 $1,666 credit balance before the adjustment. (b) a $490 debit balance before the adjustment. View transaction list 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 $1,666 credit balance before the adjustment. Note: Enter debits before credits, General Journal Debit Credit Transaction (a) Record entry Clear entry View general journal

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