UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. lol
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UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. lol
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Cash sales Credit sales Accounts receivable determined to be uncollectible $ 26,700 428,600 6,300 Gilmore uses the allowance procedure to record uncollectible account expense. The firm's estimated rate for uncollectible losses is 2.15%. REQUIRED: 1. Prepare the journal entry to write off the uncollectible accounts. 2. Prepare the journal entry to record uncollectible account expense.
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