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Exercise 7-7 Percentage of Net Sales Method At the end of the year, Molly Enterprises estimates the uncollectible accounts expense to be 0.8 percent of
Exercise 7-7 Percentage of Net Sales Method
At the end of the year, Molly Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $3,787,500. The current credit balance of Allowance for Uncollectible Accounts is $6,450.
Prepare a journal entry to record the uncollectible accounts expense.
What is the balance of Allowance for Uncollectible Accounts after this adjustment?
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