Oriole Co. uses the percentage-of-receivables basis to record bad debt expense and concludes that 1%...
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Accounting
Oriole Co. uses the percentage-of-receivables basis to record bad debt expense and concludes that 1% of accounts receivable will become uncollectible. Accounts receivable are $479,000 at the end of the vear, and the allowance for doubtful accounts has acredit balance of $1,710. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are outomatically indented when amcunt is entered, Do not indent manually.)
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