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On January 1, 2018, the general ledger of Big Blast Fireworks includes the following information:...

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Accounting

On January 1, 2018, the general ledger of Big Blast Fireworks includes the following information: A/R $44,000 Allowance for uncollectible accounts $3,300 At the end of January, $5,500 of A/R are past due, and the company estimates that 30% of these accounts will not be collected. Of the remaining A/R, the company estimates that 5% will not be collected. During the month of January $675,000 in sales on account. $661,000 in payments and $2,400 was written off for A/R. Prepare adjusting journal entry.

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