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At the end of the year, a company has a balance in Allowance for Uncollectible...

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Accounting

At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $3,400(credit) before any year-end adjustment. The balance of Accounts Receivable is $250,000. The company estimates that 5% of accounts receivable will not be collected over the next year.
Required:
Record the adjusting entry for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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