At each calender year end maize supply co uses the percent, Ask an Expert

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At each calender year end Maize Supply co uses the percent of accounts receivable METHOD to estimate bad debts. On 31 december 2013 it has an outstanding accounts receivable of $55,000 and it estimates that 2% will be uncollectible.

Prepare the adusting entry to record bad debt expense for year 2013 under the assumption that the Allowance for Doubtful Accounts has

a) $415 credit balance before the adjustment

b) $291 debit balance before the adjustment

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9801212

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