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At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate...

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 $49,000, 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 $833 credit balance before the adjustment. (b) a $245 debit balance before the adjustment.

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Answer #1
No. Date Account Titles and Explanation Debit Credit
(a) December 31, 2017 Bad debts expense ($49000*6% - $833) $2,107
  Allowance for Doubtful Accounts $2,107
(B) December 31, 2017 Bad debts expense ($49000*6% + $245) $3,185
  Allowance for Doubtful Accounts $3,185
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