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Sold $1,354,200 of merchandise (that had cost $976,500) on credit, terms n/30. Wrote off $18,400 of uncollectible accounts receivable. Received $670,400 cash in payment of
- Sold $1,354,200 of merchandise (that had cost $976,500) on credit, terms n/30.
- Wrote off $18,400 of uncollectible accounts receivable.
- Received $670,400 cash in payment of accounts receivable.
- In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable will be uncollectible.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
