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Problem - 8 points Bixby Company uses the percentage of receivables or allowance...

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Accounting

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Problem - 8 points Bixby Company uses the percentage of receivables or allowance method for recording bad debts expense. The accounts receivable balance is $800,000 and credit sales are $2,000,000. Management estimates that 4% of accounts receivable will be uncollectible. 1. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,600 before adjustment? 2. What would the adjusting entry if the Allowance for Doubtful Accounts has a debit balance of $3,600

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