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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 $83,500, 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 $1.420 credit balance before the adjustment (b) a $418 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 > Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,420 credit balance before the adjustment Note: Enter debits before credits Transaction (a) General Journal Debit Credit Record entry Clear entry View general Journal