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Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! 20) Consider the
Please help me complete this. I have been struggling for quite some time, and mainly I need the answer. Thank you ! 20) Consider the following INDEPENDENT situations for Tommy Company. Required: Prepare the adjusting journal entries for uncollectible accounts for each INDEPENDENT situation. Explanations are not required. a. 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. (10 pts) b. The Allowance for Uncollectible Accounts has a $900 credit balance prior to 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. (10 points)
Please help me complete this.
I have been struggling for quite some time, and mainly I need the answer.
Thank you !
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