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Using the income statement method for accounting for uncolle…
Using the income statement method for accounting for uncollectible accounts, a company estimates that 2.5% of credit sales will eventually become uncollectible. If credit sales during the year are $400,000 and accounts receivable at the end of the year are $80,000, the adjusting entry for estimated uncollectible accounts will require a:
Using the income statement method for accounting for uncolle…