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  3. a company reports the following amounts at the end

A company reports the following amounts at the end of 2024(before adjustment): \table[[3,,$...

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Accounting

A company reports the following amounts at the end of 2024(before adjustment):
\table[[3,,$ Reported],[,2024 Credit Sales,731,000],[5,Accounts Receivable, December 31,87,720],[6,Allowance for Uncollectible Accounts, December 31,3,655 Credit]]
Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 6% of receivables will not be collected. Round to the penny.
Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 1% of credit sales will not be collected.
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