er 9 Homework Saved At each calendar year-end, Mazie Supply Co. uses the percent

Question

er 9 Homework Saved 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 $146,500, and it estimates that 6% 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 $2,491 credit balance before the adjustment. (b)a $733 debit balance before the adjustment. ook View transaction list int Journal entry worksheet rint Prepare the adjusting entry to record bad debts expense for year 2017 under the assumption that the Allowance for Doubtful Accounts has a $2,491 credit balance before the adjustment. rences Note: Enter debits before credits. Transaction General Journal Debit Credit

Explanation / Answer

Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Accounts receivable            146,500.00 % uncollectible 6% Allowance for doubtful accounts                 8,790.00 Dr Cr a) Bad Debts expense DR                 6,299.00 To Allowance for doubtful accounts                6,299.00 (8790 - 2491) b) Bad Debts expense DR                 9,523.00 To Allowance for doubtful accounts                9,523.00 (8790 - (-733))

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