Business, 26.06.2020 15:01 IkweWolf1824

At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2017, it has outstanding accounts receivable of $135,500, and it estimates that 5% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,304 credit balance before the adjustment. (b) a $678 debit balance before the adjustment.

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