E P Alpach calendar year-end, Mazie Supply Co. uses the percent of accounts receivable method to estimate had debts. On December 31, 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 the year ended December 31 under the as- sumption that the Allowance for Doubtful Accounts has (a) a $415 credit balance before the adjustment and (b) a $291 debit balance before the adjustment. P tween IFRS Ar year-end (De $475,000. Chann cides that the $580 expectedly pays the December 31), Chan Company estimates its bad debts seos of its annual credit sales of Chan records its bad debts expense for that estimate. On the following February 1, Chan de the S580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park un- dly pays the amount previously written off. re the journal entries of Chan to record these transactions and events of December 31, February 1, ween IFRS w P3 and June 5. justed trial 0 (credit) landar year-end. Mazie Supply Co. uses the nervent of acute receivable method to estimate EX