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Question: 1. Kelly's Jewelry reported the following amounts at the end of the year: total jewelry sales = $650,000; sales discounts = $15,000; sales returns = $40,000; sales allowances = $20,000. Compute net sales.

2. At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $500 ( credit) before adjustment. The balance of Accounts Receivable is $20,000. The company estimates that 15% of accounts will not be collected over the next year. What adjustment would Mercy Cosmetics record for Allowance for Uncollectible Accounts?

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92328927

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