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Problem 3 Best Electronics Ltd. sells its products on credit, giving customers 90 days to pay. During the year ending December 31, 2021, the following
Problem 3 Best Electronics Ltd. sells its products on credit, giving customers 90 days to pay. During the year ending December 31, 2021, the following events occurred. a. On October 31, customer accounts totalling $7,500 were determined to be uncollectible. b. On December 3, a $900 cheque is received from one of the customers whose account was written off on October 31. C. On December 31, the aging schedule indicated that the value of uncollectible accounts is $16,200. At that time, the balance in Allowance for Doubtful Accounts (AFDA) is a credit of $12,800. Required: (4 marks - 10 minutes) Prepare journal entries to record each item. Explanations for the entries are not required
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