At each calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2013, it has outstanding accounts receivable of $55,000, and it estimates that 2% will be uncollectible.
Prepare the adjusting entry to record bad debts expense for year 2013 under the assumption that the Allowance for Doubtful Accounts has
|(a)||a $415 credit balance before the adjustment.|
|(b)||a $291 debit balance before the adjustment.|
Adjusting entries (all dated December 31, 2013).
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