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In-Class Team Problems Problem 4:Balance Sheet Approach Aging On December 31, 2017, Glazed Expectations, a ceramic studio, had a balance of S120,000 in Accounting Receivable
In-Class Team Problems Problem 4:Balance Sheet Approach Aging On December 31, 2017, Glazed Expectations, a ceramic studio, had a balance of S120,000 in Accounting Receivable and $6,000 credit balance in the Allowance for Uncollectible Accounts. Post the beginning balance to the T-accounts below. Allowance for Uncollectible Accounts Accounts Receivable During 2018, Glazed Expectations had credit sales of $550,000. Post this transaction to the T-accounts above. During 2018, Glazed Expectations had cash collections from customers of $485,000. Post the transaction to the T-accounts above On November 13, 2018, Glazed Expectations found out that two customers would not be able to pay off their accounts; the total amount that will not be collected is $2,400. Prepare this entry below. Write-Off Entry Post the above entry to the appropriate T-accounts, and calculate the ending balances in each of the accounts
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