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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 $137,000, and it estimates that 6% 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 $2,329 credit balance before the adjustment (b) a $685 debit balance before the adjustment Journal entry worksheet 1 2 IN Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $2,329 credit balance before the adjustment. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Record entry Clear entry View general journal

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