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

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Accounting

imageimage Mazie Supply Company uses the percent of accounts receivable method. On December 31 , it has outstanding accounts receivable of $127,500, 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 $2,168 credit balance before the adjustment. b) a $638 debit balance before the adjustment. Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $2,168 credit balance before the adjustment. Note: Enter debits before credits. Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $638 debit balance before the adjustment. Note: Enter debits before credits

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