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The Company uses the percent of accounts receivable method. On December 31, it has outstanding...

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Accounting

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The Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $79,000, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,343 credit balance before the adjustment. (b) a $395 debit balance before the adjustment. View transaction list Journal entry worksheet 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,343 credit balance before the adjustment. Note: Enter debits before credits. Debit Credit Transaction General Journal (a) View general journal Clear entry Record entry 10 of 17 Next > 10 of 17

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