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use excel formulas to get the answer! must use cells given! At the end of the year, Thomas Associates had a credit balance in its

use excel formulas to get the answer! must use cells given! image text in transcribed
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At the end of the year, Thomas Associates had a credit balance in its Allowance for uncollectible accounts of $6,000 before adjustment. The balance in Thomas's gross accounts receivable is $480,000. Thomas's management estimates that 9% of its accounts receivable balance will not be collected. 2. Assume the balance in Allowance for uncollectible accounts had been a DEBIT balance of $6,000 before adjustment. What journal entry should Thomas record to adjust its Allowance for uncollectible account? Accounts payable Accounts receivable Allowance for uncollectible accounts Bad debt expense Cash Cost of goods sold Inventory Inventory - estimated returns Prepaid rent Refund liability Rent expense Salaries expense Salaries payable Sales discounts Sales discounts forfeited Sales returns and allowances Sales revenue Supplies Supplies expense

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