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Suppose Fine Chocolates Co. estimates bad debt under the percentage of sales method. Before adjusting entries at year end, the following accounts had these normal
Suppose Fine Chocolates Co. estimates bad debt under the percentage of sales method. Before adjusting entries at year end, the following accounts had these normal balances: Accounts Receivable: $4,000 Allowance for Uncollectible Accounts: $500 Sales Revenue: $34,000 Management estimates uncollectible accounts to be 1% of sales. What amount is credited to Allowance for Uncollectible Accounts to adjust for bad debt
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