At each calendar year-end, Rivka Supply Co. uses the percent of accounts receivable method to estimate
bad debts. On December 31, 2009, it has outstanding accounts receivable of $139,500, and it estimates
that 2% will be uncollectible. Prepare the adjusting entry to record bad debts expense for year 2009 under
the assumption that the Allowance for Doubtful Accounts has (a) a $2,371 credit balance before the
adjustment and (b) a $487 debit balance before the adjustment.
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