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Question 10 (6 points) On December 31, 2021 Tim Company's records showed the following results for the year: Cash Sales Credit Sales $210,000 $970,000
Question 10 (6 points) On December 31, 2021 Tim Company's records showed the following results for the year: Cash Sales Credit Sales $210,000 $970,000 In addition, the unadjusted trial balance included the following items: Accounts Receivable Allowance for Doubtful Accounts $469,000 debit $6,075 debit Required: Record the year end adjusting entry for each of the following unrelated situations: a. 1.5% of credit sales are estimated to become bad debts. (3 marks) b. 4.0% of accounts receivable are estimated to be uncollectible. (3 marks) Paragraph B I UA GENERAL JOURNAL ACCOUNT TITLES DATE + v DEBIT CREDIT
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