A company reports the following amounts at the end of the Year 1 (before adjustment)....
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Accounting
A company reports the following amounts at the end of the Year 1 (before adjustment). Credit sales for Year 1 254,000 Accounts receivable at December 31, Year 1 49,000 Allowance for uncollectible accounts at December 31, Year 1 1,100 (credit) 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. The company estimates 12% of receivables will not be collected. A company reports the following amounts at the end of the Year 1 (before adjustment). Credit sales for Year 1 254,000 Accounts receivable at December 31, Year 1 49,000 Allowance for uncollectible accounts at December 31, Year
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