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a. Consider the following INDEPENDENT situations for Tommy Company: The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment. Net credit sales
a. Consider the following INDEPENDENT situations for Tommy Company: The Allowance for Uncollectible Accounts has a $1,200 credit balance prior to adjustment. Net credit sales during the year are $830,000 and 2% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 at the end of the year. The company uses the percent-of-sales method. The Allowance for Uncollectible Accounts has a $900 credit balance prior to b. adjustment. Based on an aging schedule of accounts receivable prepared at the end of the year, $20,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 at the end of the year. The Allowance for Uncollectible Accounts has a $16,300 debit balance prior to adjustment Based on an aging schedule of accounts receivable prepared at the end of the year, $200,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $958,000 at the end of the year. The Allowance for Uncollectible Accounts has a $500 credit balance prior to d. adjustment. Net credit sales during the year are $900,000 and 1% are estimated to be uncollectible. Accounts Receivable has a balance of $825,000 at the end of the year. The company C. List the five internal control procedures
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