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urgent Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing Required: a. Assume that Demron estimates uncollectible accounts as 2%
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Selected unadjusted account balances at December 31, 2023, are shown below for Demron Servicing Required: a. Assume that Demron estimates uncollectible accounts as 2% of receivables. Prepare the adjusting entry required on December 31 , 2023, to estimate uncollectible receivables. b. During 2024, credit sales were $565,000 (cost of sales $370,450 ) sales discounts taken were $11,000; accounts receivable collected were $403,300; and accounts written off during the year totalled $9,200. Prepare the entries to record these transactions Journal entry worksheet 4 Record the credit fiales during 2024. Notes tuter debets before credits. c. Record the adjusting entry required on December 31,2024 , to estimate uncollectible recelvables, assuming it is based on 2% of receivables Journal entry worksheet Record the estimate for uncollectible accounts. Wotes Enter debits before aredits d. Show how accounts receivable would appear on the December 31,2024 , balance sheet Step by Step Solution
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