The sales, all on account, of the Devine Company in 1979, its first year of operation, were

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The sales, all on account, of the Devine Company in 1979, its first year of operation, were \(\$ 600,000\). Collections totaled \(\$ 450,000\). At December 31, 1979, it was estimated that \(1 \frac{1}{2}\) percent of sales on account during the year would likely be uncollectible. On that date, specific accounts in the amount of \(\$ 3,500\) were written off.

Present journal entries for the transactions and adjustments of 1979 related to sales and customers' accounts.

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Financial Accounting An Introduction To Concepts Methods And Uses

ISBN: 9780030452963

2nd Edition

Authors: Sidney Davidson, Roman L. Weil, Clyde P. Stickney

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