Question: IMPORTANT: Please include all calculations so that I can fully understand how you got the answers! Exercise 7-7 Percent of accounts receivable method LO P3

IMPORTANT: Please include all calculations so that I can fully understand how you got the answers!

IMPORTANT: Please include all calculations so that I can fully understand how

you got the answers! Exercise 7-7 Percent of accounts receivable method LO

Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $126,500, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $2,151 credit balance before the adjustment. (b) a $633 debit balance before the adjustment. 1 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $2,151 credit balance before the adjustment. 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $633 debit balance before the adjustment

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