The Accounts Receivable balance for Lake, Inc. at December 31, 2017, was $ 20 comma 000. During 2018, Lake earned revenue of $ 454 comma 000 on account and collected $ 325 comma 000 on account. Lake wrote off $ 5 comma 600 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 5% of accounts receivable. Read the requirementsRequirement 1. Assume Lake had an unadjusted $ 2 comma 700 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lake's December 31, 2018, adjustment to record bad debts expense using the percent-of-receivables method.
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The Accounts Receivable balance for Lake, Inc. at December 31, 2017, was $ 20 comma 000. During 2018...
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