The Accounts Receivable balance for Clark Company at December 31,2023 , was $29,000....
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The Accounts Receivable balance for Clark Company at December 31,2023 , was $29,000. During 2024 , Clark earned revenue of $455,000 on account and collected $327,000 on account. Clark wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements. Requirement 1. Assume Clark had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31,2024 . Journalize Clark's December 31 , 2024, adjustmen to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirements 1. Assume Clark had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Clark's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. 2. Assume Clark had an unadjusted $1,500 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Clark's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method
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