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Assume that a business sold $750,000 worth of merchandise on credit. The business estimates that 2% of all credit sales are uncollectible. Expense to be
Assume that a business sold $750,000 worth of merchandise on credit. The business estimates that 2% of all credit sales are uncollectible. Expense to be recorded = $750,000 x 2% = $15,000 The adjusting entry to record uncollectible accounts is: GENERAL JOURNAL Date 1 2 Description Page Post Debit Credit ref 1 2
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