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1. Compute the correct balance for the allowance account based on the average loss experience for the last five years. Round the average percentage loss
1. Compute the correct balance for the allowance account based on the average loss experience for the last five years. Round the average percentage loss values to two decimal places as you perform the intermediate calculations required to calculate the estimated uncollectible amount. Round dollar amount calculations and your final answer to the nearest dollar.
2. Prepare the appropriate end-of-year adjusting entry.
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