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Journalize Adjusting Entries for Income Statement and Balance Sheet Approach Given the balance in the Allowance for Doubtful Accounts of $300 credit, pre- pare adjusting

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Journalize Adjusting Entries for Income Statement and Balance Sheet Approach Given the balance in the Allowance for Doubtful Accounts of $300 credit, pre- pare adjusting entries for Bad Debts based on the following assumptions: a. Bad debts to be 5% of net credit sales or $700. b.Based on aging of Accounts Receivable, bad debts should be $600 C

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