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Business, 05.07.2019 04:30 j3barr01

Bramble corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 2% of accounts receivable will become uncollectible. accounts receivable are $370,200 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,664. (a) prepare the adjusting journal entry to record bad debt expense for the year. (b) if the allowance for doubtful accounts had a debit balance of $956 instead of a credit balance of $2,664, prepare the adjusting journal entry for bad debt expense.

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Bramble corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that...
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