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QS 7-7 Percent of accounts receivable method LO P3 Maize Supply Co. uses the percent...

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Accounting

QS 7-7 Percent of accounts receivable method LO P3 Maize Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $55000, and it estimates that 2 0/0 will be uncollectible.
Prepare the year end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:

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