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UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF SALES; NET REALIZABLE VALUE

McAllister's Framing and Art Supplies uses the percentage of sales method of accounting for uncollectible accounts. At the end of 20-9, Sue McAllister estimates that uncollectible accounts associated with this year's sales will be approximately $3,500. The balances in related accounts just prior to entering adjusting entries are listed below. Prepare the appropriate adjusting entry on December 31, 20-9, and compute net realizable value.

Accounts Receivable

Debit

28,000

Credit

Allowance for Doubtful Accounts

Bad Debt Expense

-0-

300

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91576420

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