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1at each calendar year end mazie supply co uses the percent

1.At each calendar year end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2013, it has outstanding accounts receivable of $ 55,000, and it estimates that 2% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2013 under the assumption that the Allowance for Doubtful Accounts has

(a) A $ 415 credit balance before the adjustment

(b) A $ 291 debit balance before the adjustment.

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Accounting Basics: 1at each calendar year end mazie supply co uses the percent

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Accounting Basics: 1at each calendar year end mazie supply co uses the percent

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