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Business, 11.11.2021 14:00 morganzahn16
Whispering Winds 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 $428,300 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,923. (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 $917 instead of a credit balance of $2,923, prepare the adjusting journal entry for bad debt expense. .
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Whispering Winds Corp. Uses the percentage-of-receivables basis to record bad debt expense and concl...
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