Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing. Account...
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Accounting
Selected unadjusted account balances at December 31, 2020, are shown below for Demron Servicing. Account Debit Credit Accounts receivable $77,000 Allowance for doubtful accounts Sales (all on credit) $ 1,240 543,000 Sales discounts 15,000 Required: a. Demron estimates that 1.5% of net credit sales will prove to be uncollectible. Prepare the adjusting entry required on December 31, 2020, to estimate uncollectible receivables. View transaction list
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