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Prepare adjusting journal entry to record bad debt expense

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Question - Crane Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 2% of accounts receivable will become uncollectible. Accounts receivable are $535,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,250.

Required - Prepare the adjusting journal entry to record bad debt expense for the year.

Reference no: EM132693327

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