Business, 29.05.2020 17:01 jess6142

Kingbird, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $429,500 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,950. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $870 instead of a credit balance of $2,950, prepare the adjusting journal entry for bad debt expense.

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