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Business, 26.03.2020 17:55 Throwback633
Blue Spruce Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 2% of accounts receivable will become uncollectible. Accounts receivable are $402,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,723. Prepare the adjusting journal entry to record bad debt expense for the year.
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Blue Spruce Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes...
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