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Portillo Companys ledger at the end of the current year shows Accounts Receivable of $150,000....

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Question

Accounting

Portillo Companys ledger at the end of the current year shows Accounts Receivable of $150,000.

Instructions

a. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period.

b. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 10% of accounts receivable, journalize the adjusting entry for the end of the period.

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